Northbrook, IL -- (SBWIRE) -- 06/21/2019 -- According to a new market research report "Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Insurance Analytics Market is expected to grow from USD 6.63 billion in 2018 to USD 11.96 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.

The major factors driving the insurance analytics market are the rapid adoption of data-driven decision-making process and increasing adoption of advanced analytics techniques.

Browse in-depth TOC on "Insurance Analytics Market"
55+ Tables
45+ Figures
180 pages

Browse Full Report @ https://www.marketsandmarkets.com/Market-Reports/insurance-analytics-market-58298536.html

Customer management and personalization business application is expected to grow at the highest CAGR

Changing customer needs & demographics, evolving regulatory landscape and severe competition are driving insurance companies to adopt advanced analytics solutions to transform their traditional business models. Digitalization of processes is enabling insurers to develop more customer centric business model. Insurers are now leveraging analytics solutions to offer additional policy discounts and proactive risk management services. They are now able to understand their customers' lifestyle and create customized coverage to match their requirements. For instance, if an insurer learns about a customer's forthcoming travel plans, they can create a personalized travel coverage to take care of their travel insurance. Insurers are now able to send automated messages to inform drivers in case of adverse weather conditions or major road repair enabling their clients to take alternative routes providing an enriching experience.

Third-party administrators, brokers, and consultancies end-user segment is expected to grow at the highest rate during the forecast period

Third-party administrators (TPAs) can handle general liability, water damage, restoration, construction defect, automobile, property and casualty, product liability, professional liability and other claims. In many cases, TPAs act as a buffer between insurers and their customers. Insurance analytics solution provides TPAs, agents, and brokers with easy access to previously siloed data, so they can get actionable intelligence and provide customers with a valuable, tailored service saving time and costs, and giving insurers the opportunity to do more high value work. Latest advances in technology such as drones, IoT and artificial intelligence are empowering insurers to improve their operational efficiencies and customer engagement models. For example, drones are being used to monitor damages in property in case of high risk environments; while machine learning and artificial intelligence are immensely useful for analyzing huge volumes of data for detecting frauds.

Ask for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=58298536

North America is expected to dominate the insurance analytics market during the forecast period

North America is estimated to hold the largest share of the insurance analytics market in 2018, as it remains the largest insurance market by premium in addition to early adoption of technology advancements and analytics. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2018 to 2023, owing to the increasing adoption of automation and huge opportunities across industries in the APAC countries, especially in Australia, China, and Japan. In Europe, insurers are embracing advanced analytics and automation solutions to improve their data governance strategy to meet requirements of GDPR, Insurance Distribution Directive and International Financial Reporting Standard 17.

The report also encompasses different strategies, such as acquisitions, partnerships and collaborations, new product launches, and product upgradations, adopted by major players to expand their shares in the market. Major technology vendors include IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), Salesforce (US), SAS Institute (US), OpenText (Canada), Verisk Analytics (US), Tableau Software (US), Pegasystems (US), Hexaware (India), Guidewire (US), MicroStrategy (US), Sapiens International (Israel), LexisNexis (US), Palantir (US), TIBCO Software (US), Applied Systems (US), Birst (US), BOARD International (Switzerland), Mitchell International (US), QlikTech (US), Vertafore (US), PrADS Inc. (US), and BRIDGEi2i (India).

Study Coverage

The scope of the report covers detailed information regarding the major factors influencing the growth of the insurance analytics market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, tools and services, key strategies, new product launches, acquisitions, partnerships, agreements, collaborations, and recent developments associated with the insurance analytics market

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com