The global market for insurance analytics is experiencing a significant growth, and is expected to broaden with an increased preference and integration of technologies among insurance providers. Insurance analytics are tools which collect & utilize data from wide a range of sources to recognize & predict behavior of insured people. With utilization of predictive analytics, insurers can detect & mitigate fraudulent activities before they occur, or automatically take immediate measures primarily during the claim processes. Furthermore, insurance analytics can be efficiently streamlined in order to automate claims processing to address client’s issues to maintain loyalty & enhance better user experience.
Insurance Analytics Market
Top Impacting Factors
Growth in demand for insurers to use data to effectively standardize their business activities and to efficiently manage online security concerns via insurance analytics are some of the major factors that fuel the insurance analytics market growth. However, lack of integration capabilities, owing to lower & regional bound insurance companies and change in regulatory environment are some of the major factors that hamper the market growth.
Conversely, increase in demand for use of artificial intelligence and analytics in the insurance industry and wide adoption of analytics among insurers in developing countries are some of the factors expected to create lucrative opportunities for the insurance analytics market in the upcoming years.
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New Telematics Tools to Mitigate Risk in Auto Insurance
With growth in innovations, insurers are focusing on telematic tools such as GPS, informatics, and telecommunication tools to monitor driving patterns & trends, track driver speed, mileage, and overall driving time to calculate car insurance premiums more accurately. As more claims were reported in past few years, insurers are offering premiums at higher prices to handle losses. MiX Telematics and Ctrack companies helped motor insurance companies by providing telematic services.
Blockchain Technology to Eliminate Risks
For instance, Lemonade insurance company developed a blockchain platform that optimizes performance, protection, and accountability of the insurance industry by using distributed ledger technology (DLT). It provides several features to streamline insurance claims processing, enhance cyber security protocols, and accelerate payment processing. Furthermore, while approving insurance policies, Lemonade uses existing business data to optimize risks and accurately measure losses by categorizing customers and premiums accordingly.
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Key Benefits of the Report
- This study presents analytical depiction of the global insurance analytics market size along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global insurance analytics market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed insurance analytics market analysis based on the present and future competitive intensity of the market.
The global insurance analytics market is segmented on the basis of organization size, business application, end user, and region. Based on organization size, the market is divided into large enterprises and small & medium enterprises (SMEs). In terms of business application, the market is categorized into claim management, process optimization, risk management, customer management & personalization, and others. On the basis of end user, the market is segmented into insurance companies, banks, third-party administrators, and brokers & consultancies. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global insurance analytics industry include Arceo Labs Inc., Cytegic Ltd., Corax Cyber Security Ltd., Verix, CyberCube, Cyence LLC, TABLEAU SOFTWARE LLC, and Insuredmine Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global insurance analytics market.
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