Sunday, January 29, 2023
  • About Us
  • Contact Us
KsaWeekly.com
  • News
  • Business
  • Finance
  • Technology
  • Lifestyle
  • Middle East
  • Press Release
Submit a News Release
No Result
View All Result
KsaWeekly.com
Submit PR
Home Press Release

Insurance Analytics Market Size, Share, Trends, Analysis and Forecast to 2026

Press Room by Press Room
July 18, 2022
in Press Release
Share on FacebookShare on Twitter


(EMAILWIRE.COM, July 18, 2022 ) According to research report “Insurance Analytics Market by Component (Tools and Services), Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Mode, Organization Size, End User, and Region – Global Forecast to 2026″ The global insurance analytics market size is expected to grow from USD 8.8 billion in 2020 to USD 20.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.

Browse 186 market data Tables and 67 Figures spread through 267 Pages and in-depth TOC on “Insurance Analytics Market – Global Forecast to 2026”

Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=58298536

The rising need for big data and predictive modeling capability during the COVID-19 pandemic drives the adoption of insurance analytics solutions and the rise in adoption of IoT products driving the adoption of insurance market.

Demand to reduce the time for efficient management of claims and insurance policies is expected to boost insurance companies segment to hold a larger market size

Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies). Insurance companies are now widely adopting various technology solutions, including analytics, for their internal and customer-facing services. For example, multi-line carriers that supply consumer policies — for homes, cars, and small groups — in addition to business services, such as P&C insurance, run several applications to handle underwriting, claims, and Customer Relationship Management (CRM). Increasing service demand coupled with critical end-of-year fiscal reporting forces these organizations to adopt advanced technological solutions, leading to a larger market size during the forecast period. Bajaj Allianz Life Insurance, a Pune, India-based life insurance provider, is among the leading insurers in India who are using predictive analytics across their insurance operations. The company is leveraging predictive analytics across its customer life cycle to assess customer risk, to determine the potential of a customer to renew or lapse a policy, and to act accordingly. Risk management, fraud detection, customer management, and personalization are some of the key application areas where the India-based insurer is applying analytics to improve operational efficiency, reduce cost, and enrich customer experience.

The growing demand to reduce the response time for various claims management processes and the increasing adoption of IoT insurance driving the demand for process optimization during the forecast period

Insurers are widely using analytics solutions to understand the potential risks and deploy countermeasures to mitigate losses, or at least screen, pre-empt, and assess the cost of risks in the underwriting process. Risk management involves the identification, assessment, and management of potential risks, incorporating analytics to support decision-making by clearly stating business goals and objectives, and facilitating precise information management with a better understanding of the trade-offs between risks and rewards. Risk management provides insurers with the risk capacity to maintain specific credit ratings, manage capital, and reduce earnings volatility across insurance companies.

Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=58298536

North America to dominate the market during the forecast period

North America is expected to dominate the global market from 2020 to 2026, owing to the presence of several solution vendors in the US. Canada has the highest internet penetration rate responsible for the growth of North America. Additionally, the presence of several vendors and favorable support environments has led to the foundation of a robust support ecosystem in the region. The increasing demand for fraud detection solutions and the rise in the requirement of on-time authentic information would drive the growth of the insurance analytics market in this region.

The major vendors offering insurance analytics tools are IBM (US), Salesforce (US), Oracle (US), Microsoft (US), Sapiens (Israel), OpenText (Canada), SAP (Germany), Verisk Analytics (US), SAS Institute (US), Vertafore (US), TIBCO (US), Qlik (US), Board International (Switzerland), BRIDGEi2i (US), MicroStrategy (US), Guidewire Software (US), LexisNexis Risk Solutions (US), WNS (India), Hexaware Technologies (India), Pegasystems (US), Applied Systems (US), InsuredMine (US), ReFocus AI (US), RiskVille (Ireland), Pentation Analytics (US), Habit Analytics (US), Artivatic.ai (India), CyberCube (US), and Arceo.ai (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com



Source link

Previous Post

Airborne SATCOM Market Report by Industry, Trend and Global Forecast (2022-2027)

Next Post

Investment Management industry in Middle East given one voice through new trade Association

RECOMMENDED NEWS

The Global Patient Experience Technology Market grew USD

6 months ago

Integrated Marine Automation System Market Outlook 2020-2025

2 months ago
MED Marine Polyclinic in Salmiyah announces partnership with Virtus Group for personalized precision oncology solutions in Kuwait

MED Marine Polyclinic in Salmiyah announces partnership with Virtus Group for personalized precision oncology solutions in Kuwait

4 months ago

Law Enforcement Software Market Projected to reach $22.1 billion by 2026

6 months ago

BROWSE BY CATEGORIES

  • Business
  • Finance
  • Lifestyle
  • Middle East
  • News
  • Press Release
  • Technology

POPULAR NEWS

  • ZainTech partners with LigaData to deliver data-driven digital services in MENA

    ZainTech partners with LigaData to deliver data-driven digital services in MENA

    0 shares
    Share 0 Tweet 0
  • تم إطلاق VOYAH FREE في أوروبا وتم افتتاح معرض VOYAH.

    0 shares
    Share 0 Tweet 0
  • Saudi Arabia’s NuqtahNFT and ConsenSys partner to empower Web 3 startups

    0 shares
    Share 0 Tweet 0
  • Vidliz Expands Its Data-Driven Online Marketing Services in the Middle East

    0 shares
    Share 0 Tweet 0
  • VideoMost receives high rates in G2 Spring 2022 Grid for Video Conferencing

    0 shares
    Share 0 Tweet 0

KSA Weekly™ publishes and aggregates business, socio-economic, Tech and industrial news on Saudi Arabia, Middle East and North Africa (MENA).

We provide press release distribution to media in the Kingdom of Saudi Arabia, the Arab world and the GCC/MENA regions. To send your press release, contact us today.

Recent News

Recent Posts
  • UV Tape Market is expected to grow at a CAGR of 7.4 percent during the forecast period
  • CO2 Gas Sensor Market is expected to grow at a CAGR of 9.2 percent during the forecast period.
  • Recreation Club Market is expected to grow at a CAGR of 6.8 percent during the forecast period.
  • NOWA outlines 16 major achievements of Hajiya Aisha Gambo in 2 Years
  • Methyl Palmitate Market is expected to grow at a CAGR of 5.2 percent during the forecast period

Category

News

Business

Finance

Technology

Lifestyle

Middle East

Press Releases

Subscribe to Our Newsletter

    KSA Weekly ™ is part of GroupWeb Media Network. © 2023GroupWeb Media LLC

    • About Us
    • Contact Us
    • Submit a Press Release
    No Result
    View All Result
    • News
    • Business
    • Finance
    • Technology
    • Lifestyle
    • Middle East
    • Press Release

    © 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.