The Insurance Analytics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Insurance Analytics , 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 growth in the historic period can be attributed to increased data volume in the insurance industry, regulatory compliance and reporting requirements, need for fraud detection and prevention, shift towards personalized insurance products, 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 growth in the forecast period can be attributed to adoption of advanced predictive modeling techniques, expansion of usage-based insurance models, growing emphasis on customer experience analytics, focus on cybersecurity and risk management analytics, rising competition in the insurance industry. Major trends in the forecast period include integration of artificial intelligence in analytics, real-time analytics for claims processing, telematics and iot for risk assessment, blockchain for transparent and efficient transactions, collaborative analytics for industry insights.
Increased digitalization of the insurance industry is significantly contributing to the growth of the insurance analytics market. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on. These were some of the key reasons for the increase of digitalization in the insurance industry. For instance, according to a survey done by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight in ten (78%) say it has turbo-charged progress on the creation of a seamless digital customer experience.
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The insurance analytics market covered in this report is segmented –
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
Technological innovation is a key trend in the insurance analytics market. Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems. AI stands for artificial intelligence and it is used in underwriting, claims management, and fraud detection. It is the replication by machines, particularly computer systems, of human intelligence processes. AI helps the insurance analytics market by automating all mundane tasks and solving complex problems. For instance, in February 2021, EXL released its LifePRO 20 Digital Insurance Platform, which is an AI-enabled end-to-end digital transformation solution. LifePRO 20 is an assertive end-to-end digital solution that supports the complete insurance policy administration lifecycle from new business to claim for a comprehensive array of a worksite, individual, and group life, health, and annuity products. LifePRO 20 enables companies to quickly bring new products to fuel growth, market, and manage operations to drive down costs.
The insurance analytics market report table of contents includes:
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