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. The major driving factors in the insurance analytics industry are increasing focus on enhancing customer experience and the growing trend of digitalization.
The major insurance analytics vendors include 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).
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These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global insurance analytics market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2020, which has helped them innovate on their offerings and broaden their customer base.
IBM operates in five business segments: cognitive solutions, global business services, technology services, and cloud platforms, systems, and global financing. The global business services segment contributes the maximum as it helps to improve customer performance with a major focus on IT. IBM has shifted its development from experimental-based to hybrid cloud-based AI-driven applications that focus on digital reinvention. It offers a robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, IoT, industry solutions, systems, mobile, security, social, and Watson technologies. IBM’s product portfolio includes the analytics cloud platform, blockchain platform, Watson IoT platform, and Watson Customer Engagement. The company has a significant presence in over 175 countries and mainly caters to North America, Southeast Asia, Eastern Europe, MEA, and Latin America. In the insurance analytics market, IBM offers insurance analytics. IBM Insurance Analytics has a suite of solutions comprising customer retention, cross-sell and up-sell analytics, distribution optimization, claims optimization and fraud prevention, underwriting optimization, financial performance management, and risk management and compliance. Moreover, IBM Watson also gives insurance companies the ability to better understand customer behaviors. This insight allows best-in-class companies to create personalized offers and optimize every interaction to deliver an outstanding customer experience that will increase retention rates.
Microsoft develops software, services, devices, and solutions to compete in the era of the intelligent cloud and intelligent edge. With the increase in investments in a mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services for its clients. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s offering of platforms and tools helps drive the productivity of small businesses, the competitiveness of large businesses, and efficiency of the public sector. It works on three pillars, which include privacy, cybersecurity, and responsible AI, to provide tools and frameworks for its customers to encourage policy change. The company focuses on investing in data centers and other hybrid and edge infrastructure to enhance its service offerings. Microsoft operates in three segments that include productivity and business processes, intelligent cloud, and more personal computing. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, energy and utilities, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. In insurance analytics, Microsoft offers Azure for Insurance which helps insurance companies manage their high-performance computing needs. It also provides Cortana Intelligence Suite.
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
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