Global Insurance Analytics Market to Reach Value of USD 29.30 Billion by 2031 | Skyquest Technology

Global insurance analytics market is segmented based on component, deployment, enterprise size, and end use. By component, the market is segmented into solution, and service. By deployment, the market is segmented into on-premise, and cloud. In terms of segmentation by enterprise size, the market is segmented into large, and small & medium enterprise. By end use, the market is segmented into insurance companies, government agencies, third party administrators, brokers & consultancies- Industry forecast 2024-2031

Westford,USA, Feb. 16, 2024 (GLOBE NEWSWIRE) — According to SkyQuest report, the increasing adoption of these [RS1] technologies is primarily driven by the imperative need for their deployment and the provision of integrated and value-added services to clients within the insurance sector. Customers are showing a growing preference for the convenience of seeking online quotes and personalized insurance solutions from a multitude of providers in the global insurance analytics market.

Browse in-depth TOC on the “Insurance Analytics Market”        

• Pages – 157
• Tables – 59
• Figures – 77

This burgeoning demand for digital accessibility and tailored services has given rise to heightened competition among insurance businesses, compelling them to leverage technology to meet customer expectations and gain a competitive edge in this rapidly evolving industry in the global insurance analytics market.

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Report Scope & Segmentation:                                        

Prominent Players in Global Insurance Analytics Market

• SAS Institute Inc.
• Verisk Analytics, Inc.
• TIBCO Software Inc.
• Salesforce.com, Inc.
• Guidewire Software, Inc.
• Microsoft Corporation
• Accenture plc
• Tableau Software
• QlikTech International AB
• MicroStrategy Incorporated
• FICO (Fair Isaac Corporation
• Pegasystems Inc.
• LexisNexis Risk Solutions
• OpenText Corporation
• Cognizant Technology Solutions Corporation
• Deloitte Touche Tohmatsu Limited
• WNS Global Services
• ExlService Holdings, Inc.
• Palantir Technologies Inc.

Solution Segment has Risen Significantly due to Invaluable Advantages Offered by Insurance Analytics Solutions

Solution sector, being the most substantial contributor to the global insurance analytics market, is poised for remarkable growth with a projected CAGR of 13.7% in 2022. This surge is attributed to the invaluable advantages offered by insurance analytics solutions. The integration of predictive analytics within these solutions has proven instrumental in optimizing performance, elevating customer satisfaction, enhancing risk management strategies, reducing claim costs, and ensuring sustained business growth.

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North America is anticipated to witness substantial global insurance analytics market growth, with a projected CAGR of 13% in 2022. Insurers in the region are increasingly embracing analytical techniques as a proactive approach to mitigate potential risks for policyholders. These advanced analytics tools are pivotal in delivering early insights into potential issues and enabling insurers to take preventive measures.

Services Segment to Dominate Market due to its Pivotal Role in Streamlining the Claims Process

Services sector is exhibiting the most rapid expansion in the global insurance analytics market. This growth is primarily propelled by analytical services that play a pivotal role in streamlining the claims process, a critical component in achieving heightened operational efficiency and enhancing the overall customer experience.

Asia Pacific is the fastest-growing region in the global insurance analytics market. Numerous governments in the Asia-Pacific are actively promoting and supporting the insurance industry by implementing state-of-the-art analytical tools. These tools are instrumental in enhancing the profitability and efficiency of insurance company operations.

A comprehensive analysis of primary global insurance analytics market players has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.

Key Developments in Global Insurance Analytics Market

• In 2023, Munich Re made headlines with its strategic partnership with Google Cloud, signaling a significant step forward in the insurance industry. The collaboration’s primary aim is to harness the potent artificial intelligence (AI) and machine learning (ML) capabilities offered by Google Cloud. These cutting-edge technologies will be employed to enhance Munich Re’s risk management and underwriting processes, ultimately improving the precision and efficiency of its operations.
• In 2023, Willis Towers Watson took an ambitious step by acquiring Sapient, a prominent global technology and consulting firm. This acquisition positions Willis Towers Watson to access Sapient’s robust AI and ML capabilities. The company intends to leverage these capabilities to pioneer innovative insurance analytics solutions, ushering in a new era of data-driven insights and enhanced services within the insurance industry.

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Key Questions Answered in the Global Insurance Analytics Market Report

• What specific growth drivers are projected to impact the market during the forecast period?
• List the top companies in the market and explain how they have achieved their positions of influence.
• In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?

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