Global Insurance Analytics Software Market by Type (Cloud Based, Web Based), By Application (Insurance Companies, Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

                                          

                                                                                       
Market Overview:

The global insurance analytics software market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for big data and analytics solutions by insurance companies, and the growing need for fraud detection and risk management solutions. The global insurance analytics software market is segmented on the basis of type into cloud-based and web-based software. The cloud-based segment is expected to grow at a higher CAGR than the web-based segment during the forecast period from 2018 to 2030. This can be attributed to the growing trend of cloud adoption among enterprises across all industries, including insurance companies. On the basis of application,the global insurance analytics software market is divided into two segments:insurance companies and others (including reinsurers, brokers, etc.).



Get Free Sample Report

Product Definition:

Insurance analytics software refers to the various platforms and tools used by insurers to measure and analyze risk. This type of software is important for insurers because it allows them to identify potential risks, assess their financial stability, and make decisions about pricing and coverage.

Cloud Based:

Cloud based software is a collection of data and applications that provide shared services for document storage, data processing, and communication. The cloud-based insurance analytics software market is expected to witness significant growth over the forecast period owing to factors such as low cost of maintenance along with reduced operational costs.

Insurance companies are facing challenges in managing large volumes of claims information due to lack of skilled workforce and proper IT infrastructure.

Web Based:

Insurance analytics software is used to process large volumes of data and extract useful information from it. The extracted information helps the insurance companies in making better decisions which further help in enhancing their profitability. Web based software is a collection of tools and processes that are used to build, manage, and support web-based applications for various organizations or businesses.

Application Insights:

The others segment includes the use of analytics software by non-insurance companies. These companies include industries such as banking, financial services and telecom. The growth of this segment can be attributed to the increasing adoption of these solutions by various organizations for a variety of applications including risk management, claim settlement and customer profiling & marketing.

The insurance application segment accounted for the largest market share in 2017 owing to its core functions such as underwriting, pricing & claims management being improved with data driven decisions using statistics and probability models derived from data collected through multiple sources (i.e., historical claims experience; demographic information; property/casualty history).         Insurance analytics helps reduce operating costs while improving service quality by identifying areas where humans perform better than computers in making decisions (e.g., underwriting) or where computers are better than humans (e.

Regional Analysis:

North America accounted for the largest share of over 40% in 2017. The growth is attributed to the presence of a large number of insurance companies that are early adopters of analytics software. Furthermore, continuous investments by major players such as Allstate Corporation and State Farm Automobile Mutual Insurance Company to enhance their products are expected to drive demand over the forecast period.

Asia Pacific is expected to witness significant growth during the forecast period owing to increasing adoption by small & medium enterprises (SMEs). SMEs operating in emerging markets such as China and India have been making steady progress with respect both economic development and technological advancements, which has led them being at forefront when it comes adopting analytics solutions.

Growth Factors:

Increasing demand for big data and analytics services by insurance companies to improve their business performance.
The increasing use of analytics software by insurers to identify and assess risk, as well as pricing products more accurately.
Growing demand for actuarial science and data management professionals with experience in using insurance analytics software programs


Get Free Sample Report
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Analytics Software Market Research Report
By Type
Cloud Based, Web Based
By Application
Insurance Companies, Others
By Companies
Tableau, Majesco, MFX, Applied, APT, Bleeding Edge Analytics for Insurers, Decision Master Warehouse, Earnix, InsuredMine, Octo, Quantemplate, RiskMatch, SpatialKey
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
165
Number of Tables & Figures
116
Customization Available
Yes, the report can be customized as per your need.

Global Insurance Analytics Software Market Report Segments:
The global Insurance Analytics Software market is segmented on the basis of:
Types
Cloud Based, Web Based
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
Insurance Companies, Others
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:
Tableau
Majesco
MFX
Applied
APT
Bleeding Edge Analytics for Insurers
Decision Master Warehouse
Earnix
InsuredMine
Octo
Quantemplate
RiskMatch
SpatialKey



Get Free Sample Report

Highlights of The Insurance Analytics Software 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:
Cloud Based
Web Based
By Application:
Insurance Companies
Others
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 Insurance Analytics Software 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
Channel & Customer Management
Identifying Appropriate Advertising Appeals



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?