Market Overview:
The global data analytics in insurance market is expected to grow from USD 9.8 billion in 2018 to USD 23.5 billion by 2030, at a CAGR of 13.7% during the forecast period. The growth of the market can be attributed to the increasing demand for data-driven insights for better decision making, rising need to prevent and reduce fraud and waste, and growing customer base across different regions. However, lack of skilled workforce is restraining the growth of this market. The global data analytics in insurance market is segmented by type into service and software segments. The service segment is further subsegmented into consulting services, implementation services, and training & support services. The software segment is further subsegmented into big data analytics software, business intelligence (BI) software, predictive modeling software, risk management software,, text mining & natural language processing (NLP)software,,and others (data visualization tools). By application ,the global data analytics in insurance marketis dividedinto pricing premiums,, preventing and reducing frauds&wastes,, gaining customer insights,.and others(claims management)., Latin America., Europe., Asia Pacific.,and Middle East Africa .
Product Definition:
Data analytics is the process of extracting insights from data using mathematical and statistical techniques. It is used to understand and improve business performance. In insurance, data analytics can be used to identify risk factors, assess claims, predict future losses, and optimize premiums.
Service:
Insurance is a service that helps to provide protection against the risks associated with various life events such as health, property, and income. The global insurance market is expected to witness significant growth over the forecast period owing to factors such as growing population and rising disposable incomes across emerging economies. Insurance services help in risk management by providing coverage for losses that may occur due to hazards like natural calamities, medical conditions or financial risks associated with death or injury during travel.
Software:
Software is any tangible or intangible tool or device used to carry out a specific task. In the insurance industry, software is used for various purposes such as claim processing, underwriting, pricing and risk management among others. The most widely used software in the insurance industry includes Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and Policy Administration System (PAS) among others.
Application Insights:
The pricing premiums segment dominated the global data analytics in insurance market, accounting for over 30% of the revenue share in 2017. The segment is expected to gain significant traction over the forecast period as insurers are increasingly realising that they can no longer afford to ignore this vital aspect of their business. Insurers are now deploying price-sensitive applications that enable them to understand consumer behavior and identify likely prospects, thereby enabling insurers to price appropriately and increase their margins.
Prevent fraud and reduce waste is projected to be one of the fastest-growing segments owing primarily to regulatory initiatives encouraging insurers both large and small across all industry verticals (insurance) globally -to adopt robust management practices for effectively managing risk exposures while reducing costs & overhead exposure.
Regional Analysis:
North America dominated the global data analytics in insurance market with a revenue share of over 35% in 2017. The growth is majorly attributed to the presence of prominent players such as Allstate Corporation, American International Group, Inc., and Travelers Companies. These companies are focusing on developing new products by leveraging big data technology to offer enhanced services to their customers. Moreover, these companies are also collaborating with various government organizations and research institutes for improving customer experience and reducing operational costs through advanced analytics solutions.
Asia Pacific is expected to witness significant growth during the forecast period owing to increasing penetration of digital insurance platforms coupled with regulatory support for promoting innovation across all segments in this region.
Growth Factors:
- Increasing demand for data-driven insights to make better and faster decisions
- The need for greater agility to compete in the market
- Growing volume of data from new sources, including social media, sensors, and mobile devices
- Increased focus on risk management and fraud detection
- The need for better customer experience
Scope Of The Report
Report Attributes
Report Details
Report Title
Data Analytics in Insurance Market Research Report
By Type
Service, Software
By Application
Pricing Premiums, Prevent and Reduce Fraud, and Waste, Gain Customer Insight
By Companies
Deloitte, Verisk Analytics, IBM, SAP AG, LexisNexis, PwC, Guidewire, RSM, SAS, Pegasystems, Majesco, Tableau, OpenText, Oracle, TIBCO Software, ReSource Pro, BOARD International, Vertafore, Qlik
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
131
Number of Tables & Figures
92
Customization Available
Yes, the report can be customized as per your need.
Global Data Analytics in Insurance Market Report Segments:
The global Data Analytics in Insurance market is segmented on the basis of:
Types
Service, Software
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Pricing Premiums, Prevent and Reduce Fraud, and Waste, Gain Customer Insight
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Deloitte
- Verisk Analytics
- IBM
- SAP AG
- LexisNexis
- PwC
- Guidewire
- RSM
- SAS
- Pegasystems
- Majesco
- Tableau
- OpenText
- Oracle
- TIBCO Software
- ReSource Pro
- BOARD International
- Vertafore
- Qlik
Highlights of The Data Analytics in Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Service
- Software
- By Application:
- Pricing Premiums
- Prevent and Reduce Fraud, and Waste
- Gain Customer Insight
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Data Analytics in Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Data analytics is the process of using data to improve decision making. In insurance, data analytics can help insurers better understand customer behavior and trends, assess risk, and make more informed decisions about pricing and product offerings.
Some of the major companies in the data analytics in insurance market are Deloitte, Verisk Analytics, IBM, SAP AG, LexisNexis, PwC, Guidewire, RSM, SAS, Pegasystems, Majesco, Tableau, OpenText, Oracle, TIBCO Software, ReSource Pro, BOARD International, Vertafore, Qlik.
The data analytics in insurance market is expected to grow at a compound annual growth rate of 13.7%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Data Analytics in Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Data Analytics in Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Data Analytics in Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Data Analytics in Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Data Analytics in Insurance Market Size & Forecast, 2020-2028
4.5.1 Data Analytics in Insurance Market Size and Y-o-Y Growth
4.5.2 Data Analytics in Insurance Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Service
5.2.2 Software
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Pricing Premiums
6.2.2 Prevent and Reduce Fraud
6.2.3 and Waste
6.2.4 Gain Customer Insight
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Data Analytics in Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Data Analytics in Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Service
9.6.2 Software
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Pricing Premiums
9.10.2 Prevent and Reduce Fraud
9.10.3 and Waste
9.10.4 Gain Customer Insight
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Service
10.6.2 Software
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Pricing Premiums
10.10.2 Prevent and Reduce Fraud
10.10.3 and Waste
10.10.4 Gain Customer Insight
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Service
11.6.2 Software
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Pricing Premiums
11.10.2 Prevent and Reduce Fraud
11.10.3 and Waste
11.10.4 Gain Customer Insight
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Service
12.6.2 Software
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Pricing Premiums
12.10.2 Prevent and Reduce Fraud
12.10.3 and Waste
12.10.4 Gain Customer Insight
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Service
13.6.2 Software
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Pricing Premiums
13.10.2 Prevent and Reduce Fraud
13.10.3 and Waste
13.10.4 Gain Customer Insight
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Data Analytics in Insurance Market: Competitive Dashboard
14.2 Global Data Analytics in Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Deloitte
14.3.2 Verisk Analytics
14.3.3 IBM
14.3.4 SAP AG
14.3.5 LexisNexis
14.3.6 PwC
14.3.7 Guidewire
14.3.8 RSM
14.3.9 SAS
14.3.10 Pegasystems
14.3.11 Majesco
14.3.12 Tableau
14.3.13 OpenText
14.3.14 Oracle
14.3.15 TIBCO Software
14.3.16 ReSource Pro
14.3.17 BOARD International
14.3.18 Vertafore
14.3.19 Qlik
