Product Code: r10413
“Insurance Analytics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insurance analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for insurance analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The insurance analytics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 1) By Component: Solution; Service
- 2) By Deployment Model: On premises; Cloud
- 3) By Enterprise Size: Large Enterprises; Small And Medium Enterprises (SMEs)
- 4) By Application: Claims Management; Risk Management; Customer Management And Personalization; Process Optimization; Other Applications
- 5) By End User: Insurance Companies; Government Agencies; Third Party Administrators, Brokers And Consultancies
- Companies Mentioned: Applied Systems Inc.; Microsoft Corporation; Open Text Corporation; Oracle Corporation; Pegasystems Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Insurance analytics involves the collection, analysis, and extraction of relevant insights from diverse data sources to effectively manage risks and optimize insurance contracts in fields such as health, life, property, or casualty. This process is crucial for generating leads, enhancing customer satisfaction, accurately assessing risk for underwriting, and facilitating overall business growth. Insurance analytics is instrumental in tasks such as detecting fraudulent claims, real-time risk mitigation, influencing customer behavior, and predicting lifetime value.
The primary components in the insurance analytics market are solutions and services. Solutions encompass the processes of collecting, analyzing, and extracting insights from various data sources. Applications of insurance analytics include claims management, risk management, customer management and personalization, process optimization, and other relevant areas. Various end-users of insurance analytics include insurance companies, government agencies, third-party administrators, brokers, and consultancies.
The insurance analytics market research report is one of a series of new reports from The Business Research Company that provides insurance analytics market statistics, including insurance analytics industry global market size, regional shares, competitors with an insurance analytics market share, detailed insurance analytics market segments, market trends and opportunities, and any further data you may need to thrive in the insurance analytics industry. This insurance analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The insurance analytics market size has grown rapidly in recent years. It will grow from $13. 07 billion in 2023 to $15. 03 billion in 2024 at a compound annual growth rate (CAGR) of 15. 0%. The expansion observed during the historical period can be attributed to factors such as increased data volume in the insurance industry, heightened regulatory compliance and reporting requirements, the imperative for fraud detection and prevention, a shift towards personalized insurance products, and competitive pressure and market dynamics.
The insurance analytics market size is expected to see rapid growth in the next few years. It will grow to $27. 5 billion in 2028 at a compound annual growth rate (CAGR) of 16. 3%. The anticipated growth in the forecast period can be attributed to the adoption of advanced predictive modeling techniques, the expansion of usage-based insurance models, a growing emphasis on customer experience analytics, a focus on cybersecurity and risk management analytics, and the increasing competition in the insurance industry. Key trends expected in the forecast period encompass the integration of artificial intelligence in analytics, the utilization of real-time analytics for claims processing, the incorporation of telematics and IoT for risk assessment, the implementation of blockchain for transparent and efficient transactions, and the use of collaborative analytics for gaining industry insights.
The substantial growth of the insurance analytics market is attributed to the increased digitalization within the insurance industry. Digitalization plays a vital role in various facets of the insurance analytics market, including automation, underwriting, risk scoring, and claims processing. It facilitates greater market penetration, faster query resolution, customer dashboards, and an overall enhanced customer experience. Notably, the COVID-19 pandemic has accelerated the digitization of insurance operations and the development of next-generation operating models, according to a survey by KPMG. Insurance CEOs reported that the pandemic significantly expedited progress toward creating seamless digital customer experiences, with 85% acknowledging the impact.
The anticipated rise in insurance fraud is expected to be a driving force behind the growth of the insurance analytics market. Insurance fraud, involving deceptive acts to obtain undeserved financial benefits, has prompted the increased adoption of insurance analytics. This technology is utilized to detect and prevent fraud by analyzing extensive data sets, identifying patterns, and spotting anomalies indicative of fraudulent claims or activities. Notably, a report by FRISS indicated a 20% suspicion rate of potential misrepresentation or fraud in insurance claims in the US, highlighting the importance of insurance analytics in addressing this issue.
A key trend in the insurance analytics market is technological innovation, with major players embracing big data, machine learning, and artificial intelligence (AI) technologies. These technologies are applied in underwriting, claims management, and fraud detection, automating tasks and solving complex problems. For instance, EXL introduced its LifePRO 20 Digital Insurance Platform, an AI-enabled solution supporting end-to-end digital transformation in insurance policy administration. The platform covers a broad spectrum of life, health, and annuity products, aiding companies in bringing new products to market efficiently and driving down operational costs.
Major companies in the insurance analytics market are developing innovative AI platforms. In May 2023, Atidot launched a groundbreaking platform aimed at revolutionizing the insurance industry. This AI-driven system predicts policyholder behavior in real time, enabling insurers to make informed decisions, enhance revenue, and improve customer retention. The platform integrates with external Customer Relationship Management (CRM) systems, facilitating targeted marketing campaigns and personalized customer engagement. It empowers insurers with data-driven decision-making tools and enhances their overall product offerings.
In November 2021, Verisk, a data analytics and risk assessment firm, acquired Data-Driven Safety, enhancing its capabilities in auto insurance analytics. This acquisition positions Verisk to provide insurers with valuable insights to improve underwriting, boost customer satisfaction, and advance public safety through data-driven strategies.
Major companies operating in the in the insurance analytics market report are Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Verisk Analytics Inc., SAS Institute Inc., International Business Machines Corporation (IBM), Guidewide LLC, Sapiens International Corporation N. V., Duck Creek Technologies LLC, LexisNexis Risk Solutions Group Holdings Pty Ltd, Munich Reinsurance America Inc., Fair Isaac Corporation (FICO), Insurity Inc., Xactware Solutions Inc., Salesforce. com Inc., Cognizant Technology Solutions Corporation, Milliman Inc., Symbility Solutions Inc., RiskMatch LLC, Tiger Analytics Inc., WNS Global Services Inc., Adeptia Inc., Shift Technology SAS, Cover-All Technologies Inc., SAP SE, Bluejay Management Limited, Octo Telematics Ltd., EagleEye Analytics LLC, Metromile Inc., Slice Labs Inc., Zesty. ai
North America was the largest region in the insurance analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the insurance analytics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The insurance analytics market consists of revenues earned by entities by providing insurance analytics tools such as policy manipulation and fraud detection. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary
2. Insurance Analytics Market Characteristics
3. Insurance Analytics Market Trends And Strategies
4. Insurance Analytics Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Insurance Analytics Market Size and Growth
- 5.1. Global Insurance Analytics Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Insurance Analytics Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
- 5.3. Global Insurance Analytics Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Insurance Analytics Market Segmentation
- 6.1. Global Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Solution
- Service
- 6.2. Global Insurance Analytics Market, Segmentation By Deployment Model, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- On premises
- Cloud
- 6.3. Global Insurance Analytics Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Large Enterprises
- Small And Medium Enterprises (SMEs)
- 6. 4. Global Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Claims Management
- Risk Management
- Customer Management And Personalization
- Process Optimization
- Other Applications
- 6. 5. Global Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Insurance Companies
- Government Agencies
- Third Party Administrators, Brokers And Consultancies
7. Insurance Analytics Market Regional And Country Analysis
- 7.1. Global Insurance Analytics Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 7.2. Global Insurance Analytics Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Insurance Analytics Market
- 8.1. Asia-Pacific Insurance Analytics Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.3. Asia-Pacific Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8. 4. Asia-Pacific Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Insurance Analytics Market
- 9.1. China Insurance Analytics Market Overview
- 9.2. China Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.3. China Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9. 4. China Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Insurance Analytics Market
- 10.1. India Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.2. India Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.3. India Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Insurance Analytics Market
- 11.1. Japan Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.2. Japan Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.3. Japan Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Insurance Analytics Market
- 12.1. Australia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.2. Australia Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.3. Australia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Insurance Analytics Market
- 13.1. Indonesia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.2. Indonesia Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.3. Indonesia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Insurance Analytics Market
- 14.1. South Korea Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.2. South Korea Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.3. South Korea Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Insurance Analytics Market
- 15.1. Western Europe Insurance Analytics Market Overview
- 15.2. Western Europe Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.3. Western Europe Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15. 4. Western Europe Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Insurance Analytics Market
- 16.1. UK Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.2. UK Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.3. UK Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Insurance Analytics Market
- 17.1. Germany Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.2. Germany Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.3. Germany Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Insurance Analytics Market
- 18. 5. France Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18. 6. France Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18. 7. France Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Insurance Analytics Market
- 19. 9. Italy Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.10. Italy Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.11. Italy Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Insurance Analytics Market
- 20.13. Spain Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.14. Spain Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.15. Spain Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Insurance Analytics Market
- 21.1. Eastern Europe Insurance Analytics Market Overview
- 21.2. Eastern Europe Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.3. Eastern Europe Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21. 4. Eastern Europe Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Insurance Analytics Market
- 22.1. Russia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.2. Russia Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.3. Russia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Insurance Analytics Market
- 23.1. North America Insurance Analytics Market Overview
- 23.2. North America Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.3. North America Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23. 4. North America Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Insurance Analytics Market
- 24.1. USA Insurance Analytics Market Overview
- 24.2. USA Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.3. USA Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24. 4. USA Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Insurance Analytics Market
- 25.1. Canada Insurance Analytics Market Overview
- 25.2. Canada Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.3. Canada Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25. 4. Canada Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Insurance Analytics Market
- 26.1. South America Insurance Analytics Market Overview
- 26.2. South America Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.3. South America Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26. 4. South America Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Insurance Analytics Market
- 27.1. Brazil Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.2. Brazil Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.3. Brazil Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Insurance Analytics Market
- 28.1. Middle East Insurance Analytics Market Overview
- 28.2. Middle East Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.3. Middle East Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28. 4. Middle East Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Insurance Analytics Market
- 29.1. Africa Insurance Analytics Market Overview
- 29.2. Africa Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.3. Africa Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29. 4. Africa Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Insurance Analytics Market Competitive Landscape And Company Profiles
- 30.1. Insurance Analytics Market Competitive Landscape
- 30.2. Insurance Analytics Market Company Profiles
- 30.2.1. Applied Systems Inc.
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1. 4. Financial Performance
- 30.2.2. Microsoft Corporation
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2. 4. Financial Performance
- 30.2.3. Open Text Corporation
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3. 4. Financial Performance
- 30.2. 4. Oracle Corporation
- 30.2. 4.1. Overview
- 30.2. 4.2. Products and Services
- 30.2. 4.3. Strategy
- 30.2. 4. 4. Financial Performance
- 30.2. 5. Pegasystems Inc.
- 30.2. 5.1. Overview
- 30.2. 5.2. Products and Services
- 30.2. 5.3. Strategy
- 30.2. 5. 4. Financial Performance
31. Global Insurance Analytics Market Competitive Benchmarking
32. Global Insurance Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Insurance Analytics Market
34. Insurance Analytics Market Future Outlook and Potential Analysis
- 34.1 Insurance Analytics Market In 2028 - Countries Offering Most New Opportunities
- 34.2 Insurance Analytics Market In 2028 - Segments Offering Most New Opportunities
- 34. 3 Insurance Analytics Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies
35. Appendix
- 35.1. Abbreviations
- 35.2. Currencies
- 35.3. Historic And Forecast Inflation Rates
- 35. 4. Research Inquiries
- 35. 5. The Business Research Company
- 35. 6. Copyright And Disclaimer