Artificial Intelligence
Insurance Analytics Global Market Report 2023
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New York, April 19, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Insurance Analytics Global Market Report 2023” – https://www.reportlinker.com/p06443892/?utm_source=GNW
, Vertafore Inc., Hexaware Technologies, LexisNexis Risk Solutions, MicroStrategy Inc., International Business Machines Corporation, Tableau Software LLC, and Verisk Analytics Inc.,
The global insurance analytics market grew from $11.66 billion in 2022 to $13.52 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurance analytics market is expected to grow to $24.46 billion in 2027 at a CAGR of 16.0%.
The insurance analytics market consists of revenues earned by entities by providing insurance analytics tools such as policy manipulation and fraud detection.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from various data sources to effectively manage risks and offer the best possible insurance contracts in fields such as health, life, property, or casualty, among others, which is crucial for generating more leads, improving customer satisfaction, predicting accurate risk for underwriting, and enabling business growth. The insurance analytics are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on.
North America was the largest region in the insurance analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components in the insurance analytics market are solutions and services.Solution refers to the process of collecting, analyzing, and extracting relevant insights from various data sources.
The applications include claims management, risk management, customer management and personalization, process optimization, and other applications. The various end users include insurance companies, government agencies, third-party administrators, brokers, and consultancies.
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.
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.
In November 2021, Verisk, a US-based data analytics, and risk assessment firm, acquired Data-Driven Safety for an undisclosed amount.This acquisition is expected to increase Verisk’s strong auto insurance analytics, giving insurers knowledge to enhance underwriting, enhance customer satisfaction, and advance public safety.
Data-driven safety is a US-based public record data aggregation firm.
The countries covered in the insurance analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The insurance analytics market research report is one of a series of new reports that provides insurance analytics market statistics, including insurance analytics industry global market size, regional shares, competitors with an insurance analytics market share, detailed insurance analytics market segments, market trends and opportunities, and any further data you may need to thrive in the insurance analytics industry. This insurance analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06443892/?utm_source=GNW
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