Lewes, DE -- (SBWIRE) -- 05/25/2016 -- Report forecast the IT Spending by Insurance in the US to grow at a CAGR of 3.3% during the period 2016-2020.

The insurance industry in the Americas is highly competitive and regulated in nature. The insurance market in the US is influenced by economic and political conditions of the country. GDP is one of the major factors that can influence the growth rate of the insurance industry. Currently, the economy of the US is stronger than rest of the world (ROW). The upcoming Presidential election in the US might impact the insurance business in the US. We forecast the formation of new government in the US will lead to changes in policies in the financial sector of the country.

Insurance firms in the US face intense competition, tight market regulations, and high customer expectations. These firms are under pressure with rising operational complexities, shrinking profit margin, regulatory changes for IT security, market consolidations, and fraudulent policy claims.

Insurers also need to replace their traditional IT systems and obsolete technologies to remain competitive in the domestic as well as international market. Insurers seek multi-channel marketing strategies due to increased number of digital consumers using smart devices to explore insurance services

The report covers the present scenario and the growth prospects of the IT Spending by Insurance in the US for 2016-2020. To calculate the market size, we consider revenue generated from the following types of IT spending in insurance sector of the US.

- Software spending
- Hardware spending
- IT services spending

According to the report, a key growth driver is the popularity of usage-based insurance. Usage-based insurance (UBI), also known as pay as you drive, is an innovative insurance model deployed in the auto insurance industry. UBI policies require advanced communication systems, connected devices, and telematics solutions to monitor the behavior of vehicle drivers and accordingly calculate premium amounts. Software firms offer telematics, ICT, and IoT solutions for auto insurance firms to provide UBI policies. UBI policies integrated with analytics solutions help auto insurers to calculate premiums accurately by analyzing numerous factors such as vehicle speed, vehicle position, changes in acceleration, and mileage.

Further, the report states that one challenge that could hamper market growth is the need for unceasing innovation. Vendors have to add products and services frequently to keep up with dynamic market conditions.

IT Spending by Insurance in the US 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the IT Spending by Insurance in the US: Accenture, CSC, Fiserv, Guidewire Software, and Oracle.

Other Prominent Vendors in the market are: Andesa, Cognizant, EXL Service, FIS, Genpact, Majesco, Microsoft, Pegasystems, SAP, and StoneRiver.

Market driver
- Popularity of usage-based insurance
- For a full, detailed list, view our report

Market challenge
- Need for unceasing innovation
- For a full, detailed list, view our report

Market trend
- Intensification of cloud computing
- For a full, detailed list, view our report

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

Spanning over 56 pages and 24 Exhibit "Insurance IT Spending Market in the US 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by technology, Market segmentation by industry sector, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.

For more information Visit at: http://www.marketresearchreports.com/technavio/insurance-it-spending-market-us-2016-2020

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