Insurance Analytics Global Market Report 2022: Ukraine-Russia War Impact

“Insurance Analytics Global Market Report 2022: Ukraine-Russia War Impact ” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global insurance analytics market.

This report focuses on insurance analytics market which is experiencing strong growth. The report gives a guide to the insurance analytics market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.

• Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.

• Assessment of Russia - War Impact on agriculture, energy and mineral commodities supply and their direct and indirect impact on the market analyzed in the report.

• Impact of high global inflation on market growth.

• Create regional and country strategies on the basis of local data and analysis.

• Identify growth segments for investment.

• Outperform competitors using forecast data and the drivers and trends shaping the market.

• Understand customers based on the latest market research findings.

• Benchmark performance against key competitors.

• Utilize the relationships between key data sets for superior strategizing.

• Suitable for supporting your internal and external presentations with reliable high quality data and analysis

• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.

• All data from the report will also be delivered in an excel format.

Where is the largest and fastest growing market for the insurance analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Insurance Analytics market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider insurance analytics market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.

• The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.

• Our forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down market into sub markets.

• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

• The insurance analytics market section of the report gives context. It compares the insurance analytics market with other segments of the insurance analytics market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, insurance analytics indicators comparison.

Scope

Markets Covered:

• 1) By Component: Solution; Service

• 2) By Deployment Model: On premises; Cloud

• 3) By Enterprise Size: Large Enterprises; Small And Medium Enterprises (SMEs)

• 4) By Application: Claims Management; Risk Management; Customer Management And Personalization; Process Optimization; Other Applications

• 5) By End User: Insurance Companies; Government Agencies; Third Party Administrators, Brokers And Consultancies

• Companies Mentioned: Applied Systems Inc.; Microsoft Corporation; Open Text Corporation; Oracle Corporation; Pegasystems Inc.

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Executive Summary

Major players in the insurance analytics market are: Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce Inc, SAP SE, SAS Institute Inc., 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 is expected to grow from $10.07 billion in 2021 to $11.64 billion in 2022 at a compound annual growth rate (CAGR) of 15.6%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The insurance analytics market is expected to reach $20.72 billion in 2026 at a compound annual growth rate (CAGR) of 15.5%.

The insurance analytics market consists of sales of insurance analytics services by entities (organizations, sole traders, and partnerships) that are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on. 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 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.

North America was the largest region in the insurance analytics market in 2021. 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.

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 insurance analytics market research report is one of a series of new reports from The Business Research Company that provides insurance analytics market statistics, including insurance analytics industry global market size, regional shares, competitors with a 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.