Insurance Analytics Market

Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023

Report Code: TC 6252 May, 2018, by marketsandmarkets.com
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[176 Pages Report] The insurance analytics market size is expected to grow from USD 6.06 billion in 2017 to USD 11.96 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. The base year for this report is 2017, while the forecast period is 2018–2023. Rapid adoption of data-driven decision making and the increasing adoption of advanced analytics techniques is driving the growth of insurance analytics market. Moreover, higher adoption of insurance analytics tools and services among the SMEs, and the increasing adoption of IoT insurance are expected to offer opportunities in this market. However, data quality and security issues, and lack of skilled workforce are the factors hindering the growth of the market. The objective of the report is to define, describe, and forecast the insurance analytics market trends based on component, business application, end-user, deployment model, organization size, industry, and region. The report provides detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the market growth.

Insurance Analytics Market

Customer management and personalization business application is expected to grow at the highest CAGR

Insurers are now leveraging analytics solutions to offer additional policy discounts and proactive risk management services. They are now able to understand their customers’ lifestyle and create customized coverage to match their requirements. For instance, if an insurer learns about a customer’s forthcoming travel plans, they can create a personalized travel coverage to take care of their travel insurance. Insurers are now able to send automated messages to inform drivers in case of adverse weather conditions or major road repair enabling their clients to take alternative routes providing an enriching experience.

Third-party administrators, brokers, and consultancies end-user segment is expected to grow at the highest rate during the forecast period

Third-party administrators (TPAs) can handle general liability, water damage, restoration, construction defect, automobile, property and casualty, product liability, professional liability and other claims. In many cases, TPAs act as a buffer between insurers and their customers. Insurance analytics solution provides TPAs, agents, and brokers with easy access to previously siloed data, so they can get actionable intelligence and provide customers with a valuable, tailored service saving time and costs, and giving insurers the opportunity to do more high value work.

Insurance Analytics Market

North America is expected to dominate the insurance analytics market during the forecast period

North America is estimated to hold the largest share of the insurance analytics market in 2018, as it remains the largest insurance market by premium in addition to early adoption of technology advancements and analytics. The US and Canada are expected to be the major revenue contributors in the North American insurance analytics market. Most of the insurance analytics vendors, including major players, have a direct or an indirect presence in this region through SIs, distributors, and resellers. 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.

Market Dynamics

Rapid adoption of data-driven decision making

Initially, data analysis decisions were based on traditional practices such as intuition, hunches, or opinions; however, with the use of analytics tools, organizations have realized that analytical processes improve profitability and can be used to make better strategic decisions. The increasing need to analyze insurance data has driven the need to find answers from raw data to make critical decisions. Organizations have access to data and are trying to optimize it to make good relevant decisions but are struggling with the analysis process. Insurance analytics provides tools and services that can be used to analyze and process data to generate insights that can be helpful for decision making.

Lack of integration with legacy systems

Many new analytics techniques have been introduced but their widespread deployment has not yet taken place, mainly due to the end-user’s refusal to change their routine procedures. It is crucial to integrate insurance analytics alongside well-established, legacy, and proven systems. There could be major flaws in the legacy systems, as these systems do not have well-defined interfaces and their documentation is scarce. The possibility of errors such as incorrect or inadequate data increases manifold, as the legacy systems sometimes lack well-defined interfaces. Further, traditional systems may not always be compatible with the third-party software used for insurance analytics, thus causing errors. End-users prefer to use the traditional legacy systems instead of adopting the new technology due to financial and technological constraints. To overcome these, the advantages of insurance analytics should be communicated to the end-users to tap into the full potential of insurance analytics. There should be a clear comparison with the legacy systems to stress the adequacy and objective of the new insurance analytics systems.

Opportunity: Increasing adoption of IoT insurance

The use of IoT-enabled devices, such as sensors and Radio Frequency Identification (RFIDs), has increased the amount of data that can be monitored to generate meaningful insights. Cisco claims that there would be 15 billion IoT devices in use by 2020 to generate data streams, which could be used to provide back up for command and control centers. Organizations have realized the need to make use of data to monitor performance and use analytics to come up with solutions in case of a fault. The amount of data generated by the IoT insurance is astounding. Insurers need to analyze this data to shield customers and their property. The IoT-enabled devices provide intelligent data for insurers to help them track health, detect abnormalities, and reduce risks for policyholders. The real-time assessment of data would increase the relationship between the insurers and policyholders. IoT insurance can further increase customer satisfaction, lower costs, and mitigate risks. Hence, various opportunities provided by IoT insurance, such as remote management, monitoring, and insights from connected devices, are expected to drive the insurance analytics market.

Data quality and security issues

High volumes of data decrease its quality, which can negatively impact businesses. In the insurance sector, incomplete and inconsistent data, such as an incorrect customer profile, and product and financial data, can lead to problems, such as duplicate marketing mail-outs, unpaid invoices, misidentified customers, and duplicate payments. This can potentially lead to loss of revenue, stalled operations, and compromised credibility. Data quality is an essential characteristic that determines the reliability of data for gaining insights using insurance analytics.

The concern of businesses about sharing their critical business data on cloud is significantly rising in the market. It exposes the systems to unauthorized access, which can sabotage the system or cause system outages. Due to this, many organizations are afraid to transfer their data on cloud, as the enterprises are very sensitive when it comes to data storage and access. Hence, it is necessary to continuously monitor the process to minimize the security risks.

Scope of the Report

Report Metric

Details

Market size available for years

2016–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

Million (USD)

Segments covered

Component, Business Application, Deployment Model, Organization Size, End-user, and Regions

Geographies covered

North America, Europe, APAC, Latin America, and MEA

Companies covered

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), and BRIDGEi2i (India)

The research report categorizes the insurance analytics market to forecast the revenues and analyze the trends in each of the following sub-segments:

By component

  • Tool
  • Service

By service

  • Managed services
  • Professional services
    • Consulting
    • Deployment and integration
    • Support and maintenance

By business application

  • Claim management
  • Risk management
  • Process optimization
  • Customer management and personalization
  • Others

By deployment model

  • On-premises
  • On-demand

By organization size

  • Large enterprises
  • Small and Medium Enterprises (SMEs)

By end-user

  • Insurance companies
  • Government agencies
  • Third-party administrators, brokers, and consultancies

By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)

Key Market Players

The insurance analytics vendors have implemented various types of organic as well as inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market. The insurance analytics ecosystem comprises vendors, such as 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), and BRIDGEi2i (India).

The study includes an in-depth competitive analysis of these key players in the insurance analytics market with their company profiles, recent developments, and key market strategies.

Recent Developments:

  • In August 2018, Pegasystems launched Pega General Data Protection Regulation (GDPR) Accelerator, a set of customizable templates for Pega software that helps businesses accelerate compliance with the EU’s GDPR.
  • In March 2018, Verisk Analytics announced the launch of SmartSource, the next generation of property characteristics prefill. This is designed to address today's customer expectations for speed and data reliability. SmartSource prefill delivers property characteristics directly into 360Value and Verisk replacement cost calculator to enhance the underwriting process.
  • In February 2018, SAP introduced SAP Business Integrity Screening, an application that helps reduce financial risk within business transactions. It analyzes data for suspicious transactions and patterns in real time to spot exceptions, potential frauds, and compliance failures.
  • In January 2018, Verisk Analytics launched a new personal lines flood insurance program through its ISO business to make flood coverage widely available to homeowners anywhere contiguous to the US. The ISO personal lines flood program enables insurers to enter the private flood insurance market by offering broad and flexible coverage options in a template similar to the standard homeowner’s policy, which is already familiar to most consumers.
  • In February 2018, Sapiens International acquired Adaptik, a Bethlehem-based provider of core insurance software to the P&C industry. This move is expected to help Sapiens boost its North American insurance market share.
  • In January 2018, Tableau Software launched Hyper, a new data engine technology delivering unprecedented analytical performance. In addition to Tableau Server on Linux, embedded tooltip visualizations, and additional governance control, Tableau 10.5 with Hyper provides customers up to 5X faster query speed and 3X faster extract creation speed.
  • In January 2018, Guidewire partnered with Utilant to integrate its Guidewire PolicyCenter with Utilant’s Loss Control 360 helping insurers automate and streamline their loss control workflow.
  • In January 2018, Sapiens International acquired KnowledgePrice, a digital insurance services and consulting firm based in Riga, Latvia. KnowledgePrice would serve as a center for excellence for digital engagement services focusing on digital and BI services and solutions. This expanded digital division is expected to create innovative offerings and provide full support during customers’ digital journeys.  

Key Questions Addressed by the Report:

  • What are the opportunities in the insurance analytics market?
  • What is the competitive landscape in the insurance analytics market?
  • What are the emerging technologies impacting the overall insurance analytics market?
  • What are the key use cases existing in the insurance analytics market?
  • What are the key trends and dynamics existing in the insurance analytics market?   

Available customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic analysis

  • Further breakup of the North American insurance analytics market
  • Further breakup of the European insurance analytics market
  • Further breakup of the APAC insurance analytics market
  • Further breakup of the Latin American insurance analytics market
  • Further breakup of the MEA insurance analytics market

Company information

  • Detailed analysis and profiling of additional market players up to 5

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Objective of Report
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumption and Limitation
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary

4 Premium Insights
    4.1 Attractive Market Opportunities in the Insurance Analytics Market
    4.2 Insurance Analytics Market: Market Shares Across Various Regions
    4.3 Insurance Analytics Market, By Business Application and Region 

5 Insurance Analytics Market - Startup Scenario
    5.1 Startup Company Analysis By
           5.1.1  Global Footprint
           5.1.2  Revenue
           5.1.3  Market Ranking/Share Interval
           5.1.4  Venture Capital and Funding Scenario

6 Market Overview and Industry Trends
    6.1 Introduction
    6.2 Market Dynamics
           6.2.1 Drivers
           6.2.2 Restraints
           6.2.3  Opportunities
           6.2.4  Challenges
    6.3 Use Cases
           6.3.1  Use Case 1
           6.3.2  Use Case 2
           6.3.3  Use Case 3
           6.3.4  Use Case 4
           6.3.5  Use Case 5
    6.4 Regulatory Implications

7 Insurance Analytics Market, By Component
    7.1 Introduction
                    7.1.1.  Market Estimates and Forecasts, 2016–2023 (USD Million)
    7.2 Tools
    7.3 Services
                    7.3.1.  Market Estimates and Forecasts, By Region, 2016–2023 (USD Million)
                    7.3.3    Managed Services
                               7.3.3.1.  Market Estimates and Forecasts, By Region2016–2023 (USD Million)
                    7.3.4    Professional Services
                               7.3.4.1.  Market Estimates and Forecasts, 2016–2023 (USD Million)
                               7.3.4.2.  Market Estimates and Forecasts, By Region, 2016–2023 (USD Million)
                               7.3.4.3.  Consulting Services
                               7.3.4.3.1 Market Estimates and Forecasts, By Region, 2016–2023 (USD Million)
                               7.3.4. 4. Support and Maintenance Services
                               7.3.4.4.1 Market Estimates and Forecasts, By Region, 2016–2023 (USD Million)
                    7.3.4.5. Deployment and Integration Services
                               7.3.4.5.1 Market Estimates and Forecasts, By Region, 2016–2023 (USD Million)

8 Insurance Analytics Market, By Business Application
    8.1 Introduction
           8.1.1 Market Estimates and Forecasts, 2016–2023 (USD Million)
    8.2 Claims Management
                    8.2.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
    8.3 Risk Management 
                    8.3.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
    8.4 Customer Management and Personalization
                    8.4.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
    8.5 Process Optimization
                    8.5.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
    8.6 Others
                    8.6.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)

9 Insurance Analytics Market, By Deployment Model
    9.1 Introduction
           9.1.1 Market Estimates and Forecasts, 2016–2023 (USD Million)
    9.2 On-Premises
                    9.2.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
    9.3 Cloud
                    9.3.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)

10  Insurance  Analytics Market, By Organization Size
     10.1 Introduction
             10.1.1 Market Estimates and Forecasts, 2016–2023 (USD Million)
     10.2 Small and Medium-Sized Enterprises
                       10.2.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
     10.3 Large Enterprises
                       10.3.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)

11 Insurance  Analytics Market, By End-User
     11.1 Introduction
             11.1.1 Market Estimates and Forecasts, 2016–2023 (USD Million)
     11.2 Insurance Companies 
                       11.2.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
     11.3 Government Agencies
                       11.3.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)
     11.4 Third-Party Administrators, Brokers, and Consultancies
                       11.4.1.  Market Estimates and Forecasts, By Region, 2016-2023 (USD Million)

12 Adjacent Market Overview
     12.1 IT BFSI Market 
                       12.1.1.  Market Estimates and Forecasts, By Region, 2015 - 2022 (USD Million)
     12.2 AI in Fintech Market 
                       12.2.1.  Market Estimates and Forecasts, By Region, 2015 - 2022 (USD Million)

13 Insurance Analytics Market, By Region
     13.1 Introduction
     13.2 North America
               13.2.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
               13.2.2.  Market Estimates and Forecasts, By Business Application, 2016-2023 (USD Million)
               13.2.3.  Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
               13.2.4.  Market Estimates and Forecasts, By Organization Size, 2016-2023 (USD Million)
               13.2.5.  Market Estimates and Forecasts, By End-User, 2016-2023 (USD Million)
               13.2.6.  Market Estimates and Forecasts, By Country, 2016-2023 (USD Million)
                         13.2.6.1     US
                                      13.2.6.1.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.1.2. Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
                         13.2.6.2      Canada
                                      13.2.6.2.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.2.2. Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
     13.3 Europe
               13.3.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
               13.3.2.  Market Estimates and Forecasts, By Business Application, 2016-2023 (USD Million)
               13.3.3.  Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
               13.3.4.  Market Estimates and Forecasts, By Organization Size, 2016-2023 (USD Million)
               13.3.5.  Market Estimates and Forecasts, By End-User, 2016-2023 (USD Million)
               13.3.6.  Market Estimates and Forecasts, By Country, 2016-2023 (USD Million)
                         13.3.6.1  United Kingdom
                                      13.3.6.1.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.3.6.1.2. Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
                         13.3.6.2  Germany
                                      13.3.6.2.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.3.6.2.2. Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
                         13.3.6.3  France
                                      13.3.6.3.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.3.6.3.2. Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
                         13.3.6.4  Rest of Europe
                                      13.3.6.4.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.3.6.4.2. Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
     13.4 Asia Pacific
               13.4.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
               13.4.2.  Market Estimates and Forecasts, By Business Application, 2016-2023 (USD Million)
               13.4.3.  Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
               13.4.4.  Market Estimates and Forecasts, By Organization Size, 2016-2023 (USD Million)
               13.4.5.  Market Estimates and Forecasts, By End-User, 2016-2023 (USD Million)
               13.4.6.  Market Estimates and Forecasts, By Country, 2016-2023 (USD Million)
                         13.4.6.1  China
                                      13.2.6.1.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.1.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                         13.4.6.2  South Korea
                                      13.2.6.2.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.2.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                         13.4.6.3  Japan
                                      13.2.6.3.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.3.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                         13.4.6.4  Australia
                                      13.2.6.4.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.4.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                         13.4.6.5  Rest of APAC
                                      13.2.6.5.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.5.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
     13.5 Middle East and Africa
               13.5.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
               13.5.2.  Market Estimates and Forecasts, By Business Application, 2016-2023 (USD Million)
               13.5.3.  Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
               13.5.4.  Market Estimates and Forecasts, By Organization Size, 2016-2023 (USD Million)
               13.5.5.  Market Estimates and Forecasts, By End-User, 2016-2023 (USD Million)
               13.5.6.  Market Estimates and Forecasts, By Country, 2016-2023 (USD Million)
                                   13.5.6.1   United Arab Emirates
                                                    13.2.6.1.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.1.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                                   13.5.6.2   South Africa
                                                    13.2.6.2.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.2.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                       13.5.6.3 Kingdom of Saudi Arabia
                                                    13.2.6.3.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.3.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                       13.5.6.4 Rest of Middle East and Africa
                                                    13.2.6.4.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.2.6.4.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
     13.6 Latin America
               13.6.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
               13.6.2.  Market Estimates and Forecasts, By Business Application, 2016-2023 (USD Million)
               13.6.3.  Market Estimates and Forecasts, By Deployment Model, 2016-2023 (USD Million)
               13.6.4.  Market Estimates and Forecasts, By Organization Size, 2016-2023 (USD Million)
               13.6.5.  Market Estimates and Forecasts, By End-User, 2016-2023 (USD Million)
               13.6.6.  Market Estimates and Forecasts, By Country, 2016-2023 (USD Million)
                         13.6.6.1  Brazil
                                      13.6.6.1.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.6.6.1.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                         13.6.6.2  Mexico
                                      13.6.6.2.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.6.6.2.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)
                         13.6.6.3  Rest of Latin America
                                      13.6.6.3.1.  Market Estimates and Forecasts By Component, 2016-2023 (USD Million)
                                      13.6.6.3.2. Market Estimates and Forecasts, By Deployment Mode, 2016-2023 (USD Million)

14 Competitive Landscape
     14.1 Overview
     14.2 Microquandrant Overview
               14.2.1  Visionary Leaders
                         14.2.1.1  Definition
                         14.2.1.2  List of Vendors
               14.2.2  Innovators
                         14.2.2.1  Definition
                         14.2.2.2  List of Vendors
               14.2.3  Emerging Companies
                         14.2.3.1  Definition
                         14.2.3.2  List of Vendors
               14.2.4  Dynamic Differnetators
                         14.2.4.1  Definition
                         14.2.4.2  List of Vendors
     14.3 Competitive Situation and Trends
               14.3.1  New Product Launches
               14.3.2  Agreements, Partnerships, Collaborations and Alliances
               14.3.3  Mergers and Acquisitions
               14.3.4  Expansions

15 Insurance Analytics Market - Industry / Segment Competition Landscape
     15.1 Market Share Analysis
               15.1.1  Market Share By Company (Ranking/Interval Share)
               15.1.2  Market Share By Region- Top 10 Companies (Ranking/Interval Share)
     15.2 Product Benchmarking
               15.2.1  Product Benchmarking By Top 10 Companies
                         15.2.1.1  By Deployment Mode
                         15.2.1.2  By End Users

16 Company Profile
     16.1 Overview
     16.2 Microsoft Corporation
               16.2.1.  Business Overview
               16.2.2.  Company Snapshot
               16.2.3.  Financial Overview
(Operating Income & R&D Expenditure, Business & Geographical Revenue Mix)
               16.2.4.  Products Offered
               16.2.5.  Recent Developments
                         16.2.5.1.  Organic Growth Strategies
                         16.2.5.2.  Inorganic Growth Strategies
               16.2.6.  SWOT Analysis
               16.2.7.  MnM View
     16.3 IBM Corporation
               16.3.1.  Business Overview
               16.3.2.  Company Snapshot
               16.3.3.  Financial Overview
(Operating Income & R&D Expenditure, Business & Geographical Revenue Mix)
               16.3.4.  Products Offered
               16.3.5.  Recent Developments
                         16.3.5.1.  Organic Growth Strategies
                         16.3.5.2.  Inorganic Growth Strategies
               16.3.6.  SWOT Analysis
               16.3.7.  MnM View
     16.4 Oracle Corporation
               16.4.1.  Business Overview
               16.4.2.  Company Snapshot
               16.4.3.  Financial Overview
(Operating Income & R&D Expenditure, Business & Geographical Revenue Mix)
               16.4.4.  Products Offered
               16.4.5.  Recent Developments
                         16.4.5.1.  Organic Growth Strategies
                         16.4.5.2.  Inorganic Growth Strategies
               16.4.6.  SWOT Analysis
               16.4.7.  MnM View
     16.5 SAP
               16.5.1.  Business Overview
               16.5.2.  Company Snapshot
               16.5.3.  Financial Overview
(Operating Income & R&D Expenditure, Business & Geographical Revenue Mix)
               16.5.4.  Products Offered
               16.5.5.  Recent Developments
                         16.5.5.1.  Organic Growth Strategies
                         16.5.5.2.  Inorganic Growth Strategies
               16.5.6.  SWOT Analysis
               16.5.7.  MnM View
     16.6 Salesforce.Com
               16.6.1.  Business Overview
               16.6.2.  Company Snapshot
               16.6.3.  Financial Overview
(Operating Income & R&D Expenditure, Business & Geographical Revenue Mix)
               16.6.4.  Products Offered
               16.6.5.  Recent Developments
                         16.6.5.1.  Organic Growth Strategies
                         16.6.5.2.  Inorganic Growth Strategies
               16.6.6.  SWOT Analysis
               16.6.7.  MnM View
     16.7 SAS Institute
     16.8 OpenText
     16.9 Verisk Analytics
     16.10 Tableau Software
     16.11 Pegasystems
     16.12 Hexaware Technologies
     16.13 Guidewire
     16.14 MicroStrategy
     16.15 Sapiens International
     16.16 LexisNexis Risk Solutions
     16.17 Palantir Technologies
     16.18 TIBCO Software
     16.19 Applied Systems
     16.20 Birst
     16.21 BOARD International
     16.22 BRIDGEi2i
     16.23 Mitchell International
     16.24 Qlik
     16.25 Vertafore
     16.26 Prad Inc.

*Financials Would be Provided on a Best Efforts Basis for Private Companies

17 Appendix
     17.1 Insights of Industry Experts
     17.2 Discussion Guide
     17.2 Available Customizations
     17.3 Related Reports


List of Tables (108 Tables)

Table 1  United States Dollar Exchange Rate, 2015–2017
Table 2  Factor Analysis
Table 3 Startup Scenario: Global Footprint, 2019
Table 4 Startup Scenario: Revenue, 2019
Table 5 Startup Scenario: Market Ranking/Share Interval, 2019
Table 6 Startup Scenario: Venture Capital/Funding, 2019
Table 7 Insurance Analytics Market Size and Growth Rate, 2016-2023 (USD Million, Y-O-Y %)
Table 8 Tools: Market Size By Region, 2016-2023 (USD Million)
Table 9 Services: Market Size By Region, 2016-2023 (USD Million)
Table 10 Managed Services Market Size, By Region, 2016-2023 (USD Million)
Table 11 Professional Services Market Size, By Type, 2016-2023 (USD Million)
Table 12 Professional Services Market Size, By Region, 2016-2023 (USD Million)
Table 13 Consulting Services Market Size, By Region, 2016-2023 (USD Million)
Table 14 Support and Maintenance Services Market Size, By Region, 2016-2023 (USD Million)
Table 15 Deployment and Integration Services Market Size, By Region, 2016-2023 (USD Million)
Table 16 Insurance Analytics Market Size, by Business Application, 2016–2023 (USD Million)
Table 17 Claims Management, Market Size, By Region, 2016-2023 (USD Million)
Table 18 Risk Management, Market Size, By Region, 2016-2023 (USD Million)
Table 19 Others, Market Size, By Region, 2016-2023 (USD Million)
Table 20 Insurance Analytics Market Size, By Deployment Model, 2016-2023 (USD Million)
Table 21 On-Premises: Market Size By Region, 2016-2023 (USD Million)
Table 22 Cloud: Market Size By Region, 2016-2023 (USD Million)
Table 23 Market Size, By Organization Size, 2016-2023 (USD Million)
Table 24 Small and Medium-Sized Enterprises: Market Size By Region, 2016-2023 (USD Million)
Table 25 Large Enterprises: Market Size By Region, 2016-2023 (USD Million)
Table 26 Market Size, By End-User, 2016-2023 (USD Million)
Table 27 Insurance Companies: Market Size By Region, 2016-2023 (USD Million)
Table 28 Government Agencies: Market Size By Region, 2016-2023 (USD Million)
Table 29 Third-Party Administrators, Brokers, and Consultancies: Market Size, By Region, 2016-2023 (USD Million)
Table 30 Insurance Analytics Market Size, By Region, 2016-2023 (USD Million)
Table 31 North America: Market Size By Country, 2016–2023 (USD Million)
Table 32 North America: Market Size By Component, 2016–2023 (USD Million)
Table 33 North America: Market Size By Service, 2016–2023 (USD Million)
Table 34 North America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 35 North America: Market Size By Business Application, 2016–2023 (USD Million)
Table 36 North America: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 37 North America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 38 North America: Market Size By End-User, 2018–2023 (USD Million)
Table 39 North America: Market Size By Country, 2016–2023 (USD Million)
Table 40 United States: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 41 United States: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 42 Canada: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 43 Canada: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 44 Europe: Market Size By Component, 2016–2023 (USD Million)
Table 45 Europe: Market Size By Service, 2016–2023 (USD Million)
Table 46 Europe: Market Size By Professional Service, 2016–2023 (USD Million)
Table 47 Europe: Market Size By Business Application, 2016–2023 (USD Million)
Table 48 Europe: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 49 Europe: Market Size By Organization Size, 2016–2023 (USD Million)
Table 50 Europe: Market Size By End-User, 2018–2023 (USD Million)
Table 51 Europe: Market Size By Country, 2016–2023 (USD Million)
Table 52 United Kingdom: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 53 United Kingdom:  Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 54 Germany: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 55 Germany: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 56 France: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 57 France: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 58 Rest of Europe: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 59 Rest of Europe: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 60 Asia Pacific: Market Size By Component, 2016–2023 (USD Million)
Table 61 Asia Pacific: Market Size By Service, 2016–2023 (USD Million)
Table 62 Asia Pacific: Market Size By Professional Service, 2016–2023 (USD Million)
Table 63 Asia Pacific: Market Size By Business Application, 2016–2023 (USD Million)
Table 64 Asia Pacific: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 65 Asia Pacific: Market Size By Organization Size, 2016–2023 (USD Million)
Table 66 Asia Pacific: Market Size By End-User, 2018–2023 (USD Million)
Table 67 Asia Pacific: Market Size By Country, 2016–2023 (USD Million)
Table 68 China: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 69 China: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 70 South Korea: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 71 South Korea: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 72 Japan: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 73 Japan: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 74 Australia: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 75 Australia: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 76 Rest of Asia Pacific: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 77 Rest of Asia Pacific: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 78 Middle East and Africa: Market Size By Component, 2016–2023 (USD Million)
Table 79 Middle East and Africa: Market Size By Service, 2016–2023 (USD Million)
Table 80 Middle East and Africa: Market Size By Professional Service, 2016–2023 (USD Million)
Table 81 Middle East and Africa: Market Size By Business Application, 2016–2023 (USD Million)
Table 82 Middle East and Africa: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 83 Middle East and Africa: Market Size By Organization Size, 2016–2023 (USD Million)
Table 84 Middle East and Africa: Market Size By End-User, 2018–2023 (USD Million)
Table 85 Middle East and Africa: Market Size By Country, 2016–2023 (USD Million)
Table 86 United Arab Emirates: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 87 United Arab Emirates: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 88 South Africa: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 89 South Africa: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 90 Kingdom of Saudi Arabia: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 91 Kingdom of Saudi Arabia: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 92 Rest of Middle East and Africa: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 93 Rest of Middle East and Africa: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 94 Latin America: Market Size By Component, 2016–2023 (USD Million)
Table 95 Latin America: Market Size By Service, 2016–2023 (USD Million)
Table 96 Latin America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 97 Latin America: Market Size By Business Application, 2016–2023 (USD Million)
Table 98 Latin America: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 99 Latin America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 100 Latin America: Market Size By End-User, 2018–2023 (USD Million)
Table 101 Latin America: Market Size By Country, 2016–2023 (USD Million)
Table 102 Brazil: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 103 Brazil: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 104 Mexico: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 105 Mexico: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 106 Rest of Latin America: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 107 Rest of Latin America: Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 108 Evaluation Criteria
 
 
List of Figures (51 Figures)
 
Figure 1 Insurance Analytics Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Insurance Analytics Market: Assumptions
Figure 8 Insurance Analytics Market is Expected to Witness High Growth During the Forecast Period
Figure 9 Market By Component, 2018 vs 2023
Figure 10 Market By Service, 2018–2023
Figure 11 Market By Professional Service, 2018–2023
Figure 12 Market By End-User, 2018–2023
Figure 13 Market By Deployment Model, 2018–2023
Figure 14 Market By Organization Size, 2018–2023
Figure 15 Market By Business Application, 2018 vs 2023
Figure 16 Increasing Need for Insurance Analytics Tools and Services Across Industries is Expected to Drive the Growth of the Insurance Analytics Market
Figure 17 North America is Estimated to Have the Largest Market Share in 2018
Figure 18 Risk Management Business Application and North American Region are Estimated to Have the Largest Market Shares in 2018
Figure 19 Support and Maintenance Segment is Estimated to Hold the Largest Market Share Across the Globe, Except in Asia Pacific, in 2018
Figure 20 Insurance Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 21 Tools Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 22 Professional Services Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 23 Deployment and Integration Segment is Projected to Have the Largest Market Size By 2023
Figure 24 Risk Management Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 25 On-Premises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 26 Large Enterprises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 27 Insurance Companies Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 28 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 29 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 30 North America: Market Snapshot
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Key Developments By the Leading Players in the Insurance Analytics Market, 2015–2018
Figure 33 Microsoft: Company Snapshot
Figure 34 Microsoft: SWOT Analysis
Figure 35 IBM: Company Snapshot
Figure 36 IBM: SWOT Analysis
Figure 37 Oracle: Company Snapshot
Figure 38 Oracle: SWOT Analysis
Figure 39 SAP: Company Snapshot
Figure 40 SAP: SWOT Analysis
Figure 41 Salesforce: Company Snapshot
Figure 42 Salesforce: SWOT Analysis
Figure 43 SAS Institute: Company Snapshot
Figure 44 OpenText: Company Snapshot
Figure 45 Verisk Analytics: Company Snapshot
Figure 46 Tableau Software: Company Snapshot
Figure 47 Pegasystems: Company Snapshot
Figure 48 Hexaware: Company Snapshot
Figure 49 Guidewire: Company Snapshot
Figure 50 MicroStrategy: Company Snapshot
Figure 51 Sapiens International: Company Snapshot


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Report Code
TC 6252
Published ON
May, 2018
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