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[ 英語タイトル ] 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


Product Code : MNMICT00109751
Survey : MarketsandMarkets
Publish On : February, 2021
Category : ICT and Telecom
Study Area : Global
Report format : PDF
Sales price option (consumption tax not included)
Single User USD5650 / Question Form
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[Report Description]

“The rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the insurance analytics market”
MarketsandMarkets expects the global insurance analytics market 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. Rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the market. However, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the growth of the insurance analytics market.
“The risk management business application is expected to hold the largest market size by 2023”
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.
“Insurance companies are estimated to be the largest adopter of insurance analytics solution in 2018”
Insurance companies are now widely adopting various technology solutions including analytics for their internal and customer-facing services. For example, multi-line carriers that supply both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM. Increasing service demand and critical end-of-year fiscal reporting force these organizations to adopt advanced technological solutions. This, in turn, drive the insurance companies’ market size in the insurance analytics market during the forecast period.
“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”
The APAC region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5 years. This is mainly due to the presence of developed economies, such as Canada and US, and the high focus on innovations in R&D and technology across industry verticals.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the insurance analytics marketplace.
 By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
 By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%
 By Region – North America – 41%, Europe – 25%, APAC – 20%, and RoW – 14%
The insurance analytics ecosystem comprises the following major vendors:
1. IBM (US)
2. Microsoft (US)
3. Oracle (US)
4. SAP SE (Germany)
5. Salesforce (US)
6. SAS Institute (US)
7. OpenText (Canada)
8. Verisk Analytics (US)
9. Tableau Software (US)
10. Pegasystems (US)
11. Hexaware (India)
12. Guidewire (US)
13. MicroStrategy (US)
14. Sapiens International (Israel)
15. LexisNexis (US)
16. Palantir (US)
17. TIBCO Software (US)
18. Applied Systems (US)
19. Birst (US)
20. BOARD International (Switzerland)
21. Mitchell International (US)
22. QlikTech (US)
23. Vertafore (US)
24. PrADS Inc. (US)
25. BRIDGEi2i (India)

Research Coverage
The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services. The market is also segmented on the basis of business application, end-user, organization size, deployment model, and region.
Reasons to Buy the Report
• To get a comprehensive overview of the global insurance analytics market
• To gain a wide range information about the top players in this marketspace, their product portfolios, and the key strategies adopted by them
• To gain insights of the major countries/regions, in which the insurance analytics market is flourishing in various industry verticals

TABLE OF CONTENTS

1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 MARKET SCOPE 18
1.4 YEARS CONSIDERED FOR THE STUDY 19
1.5 CURRENCY 19
1.6 STAKEHOLDERS 20
2 RESEARCH METHODOLOGY 21
2.1 RESEARCH DATA 21
2.1.1 SECONDARY DATA 22
2.1.2 PRIMARY DATA 22
2.1.2.1 Breakdown of primaries 23
2.1.2.2 Key industry insights 23
2.2 MARKET SIZE ESTIMATION 25
2.3 RESEARCH ASSUMPTIONS 27
2.4 LIMITATIONS 27
3 EXECUTIVE SUMMARY 28
4 PREMIUM INSIGHTS 34
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE INSURANCE ANALYTICS MARKET 34
4.2 INSURANCE ANALYTICS MARKET: MARKET SHARE ACROSS VARIOUS REGIONS 35
4.3 INSURANCE ANALYTICS MARKET, BY BUSINESS APPLICATION AND REGION 36
4.4 INSURANCE ANALYTICS MARKET: PROFESSIONAL SERVICES, BY REGION 36
5 MARKET OVERVIEW AND INDUSTRY TRENDS 37
5.1 MARKET OVERVIEW 37
5.1.1 INTRODUCTION 37
5.1.2 MARKET DYNAMICS 37
5.1.3 DRIVERS 38
5.1.3.1 Rapid adoption of data-driven decision making 38
5.1.3.2 Increasing adoption of advanced analytics techniques 38
5.1.4 RESTRAINTS 38
5.1.4.1 Lack of integration with legacy systems 38
5.1.4.2 Varying regulation laws and policies 38

5.1.5 OPPORTUNITIES 39
5.1.5.1 Higher adoption of insurance analytics tools and services among the SMEs 39
5.1.5.2 Increasing adoption of IoT insurance 39
5.1.6 CHALLENGES 39
5.1.6.1 Data quality and security issues 39
5.1.6.2 Lack of skilled workforce 40
5.2 INDUSTRY TRENDS 40
5.2.1 INSURANCE ANALYTICS MARKET: TOP TRENDS 40
5.2.1.1 Digitalization 40
5.2.1.2 Advanced analytics 40
5.2.1.3 Automation and AI in insurance 41
5.2.1.4 Introduction of new insurance distribution channels such as direct small insurance business and chatbots 41
5.2.2 INSURANCE ANALYTICS MARKET: USE CASES 41
5.2.2.1 Use Case 1: The value of Synthetic Peer Benchmarking, by Mitchell International 42
5.2.2.2 Use Case 2: Optimizing investigation process for identifying additional premium opportunities, by PrADS Inc. 42
5.2.2.3 Use Case 3: Building a framework to scale the experience given to high net worth individuals to the entire customer universe, by BRIDGEi2i 43
5.2.2.4 Use Case 4: Claims fraud detection in insurance, by Aureus Analytics 43
6 INSURANCE ANALYTICS MARKET, BY COMPONENT 45
6.1 INTRODUCTION 46
6.2 TOOLS 47
6.3 SERVICES 47
6.3.1 MANAGED SERVICES 49
6.3.2 PROFESSIONAL SERVICES 49
6.3.2.1 Deployment and integration 51
6.3.2.2 Support and maintenance 51
6.3.2.3 Consulting 52
7 INSURANCE ANALYTICS MARKET, BY BUSINESS APPLICATION 53
7.1 INTRODUCTION 54
7.2 CLAIMS MANAGEMENT 55
7.3 RISK MANAGEMENT 56
7.4 CUSTOMER MANAGEMENT AND PERSONALIZATION 56
7.5 PROCESS OPTIMIZATION 57
7.6 OTHERS 58

8 INSURANCE ANALYTICS MARKET, BY DEPLOYMENT MODEL 59
8.1 INTRODUCTION 60
8.2 ON-PREMISES 61
8.3 0N-CLOUD 62
9 INSURANCE ANALYTICS MARKET, BY ORGANIZATION SIZE 63
9.1 INTRODUCTION 64
9.2 LARGE ENTERPRISES 65
9.3 SMALL AND MEDIUM-SIZED ENTERPRISES 65
10 INSURANCE ANALYTICS MARKET, BY END-USER 67
10.1 INTRODUCTION 68
10.2 INSURANCE COMPANIES 69
10.3 GOVERNMENT AGENCIES 69
10.4 THIRD-PARTY ADMINISTRATORS, BROKERS, AND CONSULTANCIES 70
11 INSURANCE ANALYTICS MARKET, BY REGION 71
11.1 INTRODUCTION 72
11.2 NORTH AMERICA 74
11.2.1 BY COUNTRY 74
11.2.1.1 United States 74
11.2.1.2 Canada 74
11.2.2 BY COMPONENT 76
11.2.3 BY BUSINESS APPLICATION 77
11.2.4 BY DEPLOYMENT MODEL 77
11.2.5 BY ORGANIZATION SIZE 78
11.2.6 BY END-USER 78
11.3 EUROPE 79
11.3.1 BY COUNTRY 79
11.3.1.1 United Kingdom 79
11.3.1.2 Germany 80
11.3.1.3 France 80
11.3.1.4 Rest of Europe 80
11.3.2 BY COMPONENT 80
11.3.3 BY BUSINESS APPLICATION 81
11.3.4 BY DEPLOYMENT MODEL 82
11.3.5 BY ORGANIZATION SIZE 82
11.3.6 BY END-USER 82

11.4 ASIA PACIFIC 83
11.4.1 BY COUNTRY 83
11.4.1.1 Japan 83
11.4.1.2 China 83
11.4.1.3 South Korea 84
11.4.1.4 Australia 84
11.4.1.5 Rest of Asia Pacific 84
11.4.2 BY COMPONENT 86
11.4.3 BY BUSINESS APPLICATION 87
11.4.4 BY DEPLOYMENT MODEL 87
11.4.5 BY ORGANIZATION SIZE 88
11.4.6 BY END-USER 88
11.5 LATIN AMERICA 89
11.5.1 BY COUNTRY 89
11.5.1.1 Brazil 89
11.5.1.2 Mexico 89
11.5.1.3 Rest of Latin America 90
11.5.2 BY COMPONENT 90
11.5.3 BY BUSINESS APPLICATION 91
11.5.4 BY DEPLOYMENT MODEL 92
11.5.5 BY ORGANIZATION SIZE 92
11.5.6 BY END-USER 92
11.6 MIDDLE EAST AND AFRICA 93
11.6.1 BY COUNTRY 93
11.6.1.1 United Arab Emirates 93
11.6.1.2 Kingdom of Saudi Arabia 93
11.6.1.3 South Africa 93
11.6.1.4 Rest of Middle East and Africa 94
11.6.2 BY COMPONENT 94
11.6.3 BY BUSINESS APPLICATION 95
11.6.4 BY DEPLOYMENT MODEL 95
11.6.5 BY ORGANIZATION SIZE 96
11.6.6 BY END-USER 96
12 COMPETITIVE LANDSCAPE 97
12.1 OVERVIEW 97
12.2 COMPETITIVE SCENARIO 98
12.2.1 NEW PRODUCT LAUNCHES AND PRODUCT UPGRADATIONS 98
12.2.2 PARTNERSHIPS AND COLLABORATIONS 99
12.2.3 ACQUISITIONS 100
12.2.4 BUSINESS EXPANSIONS 101
12.3 INSURANCE ANALYTICS MARKET: PROMINENT PLAYERS 101
13 COMPANY PROFILES 103
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
13.1 MICROSOFT 103
13.2 IBM 106
13.3 ORACLE 109
13.4 SAP 113
13.5 SALESFORCE 116
13.6 SAS INSTITUTE 119
13.7 OPENTEXT 121
13.8 VERISK ANALYTICS 123
13.9 TABLEAU SOFTWARE 127
13.10 PEGASYSTEMS 130
13.11 HEXAWARE 133
13.12 GUIDEWIRE 135
13.13 MICROSTRATEGY 138
13.14 SAPIENS INTERNATIONAL 141
13.15 LEXISNEXIS 144
13.16 PALANTIR 147
13.17 TIBCO SOFTWARE 148
13.18 APPLIED SYSTEMS 151
13.19 BIRST 153
13.20 BOARD INTERNATIONAL 155
13.21 BRIDGEI2I 157
13.22 MITCHELL INTERNATIONAL 159
13.23 QLIK 161
13.24 VERTAFORE 163
13.25 PRADS INC. 165
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
14 APPENDIX 167
14.1 INSIGHTS OF INDUSTRY EXPERTS 167
14.2 DISCUSSION GUIDE 168
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 171
14.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 173
14.5 AVAILABLE CUSTOMIZATION 175
14.6 RELATED REPORTS 175
14.7 AUTHOR DETAILS 176

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