PUNE, India, April 29, 2019 /PRNewswire/ -- Insurance Analytics Market research report added in ReportsnReports.com. The Global Insurance Analytics Market to grow from USD 6.63 Billion in 2018 to USD 11.96 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. Rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the market. However, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the growth of the insurance analytics market.
Browse 73 Market Data Tables and 51 Figures spread through 179 Pages and in-depth TOC on "Insurance Analytics Market Research Report" https://www.reportsnreports.com/reports/1495620-insurance-analytics-market-by-component-business-application-claims-management-risk-management-customer-management-and-personalization-process-optimization-deployment-model-organization-size-end-user-and-r-st-to-2023.html
Major vendors in the global insurance analytics market include include IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), Salesforce (US), SAS Institute (US), OpenText (Canada), Verisk Analytics (US), Tableau Software (US), Pegasystems (US), Hexaware (India), Guidewire (US), MicroStrategy (US), Sapiens International (Israel), LexisNexis (US), Palantir (US), TIBCO Software (US), Applied Systems (US), Birst (US), BOARD International (Switzerland), Mitchell International (US), QlikTech (US), Vertafore (US), PrADS Inc. (US), BRIDGEi2i (India).
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.
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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 both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM. Increasing service demand and critical end-of-year fiscal reporting force these organizations to adopt advanced technological solutions.
Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size
The APAC Region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5years.
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The Insurance Analytics Market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services. The market is also segmented on the basis of business application, end-user, organization size, deployment model, and region.
The Insurance Analytics market report would help the market leaders/new entrants in the insurance analytics market with the information on the closest approximations of the revenue numbers for the overall insurance analytics market and sub segments. The Insurance Analytics Market report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It also helps stake holders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
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Explore more reports on IT & Telecommunication Market at https://www.reportsnreports.com/market-research/information-technology/ .
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