Insurance Analytics Market

New Product Launches, Product Upgradations, Agreements, Collaborations, Business Expansions, Partnerships, and Acquisitions are Some of the Significant Growth Strategies Adopted by the Market Players in the Insurance Analytics Market.

Insurance analytics tools utilize data from multiple channels to monetize data across the complete insurance life cycle, and enable insurers to drive strategic initiatives to increase operational efficiency, enhance customer experience, and develop new business models. The global insurance analytics market is expected 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.

The insurance analytics market includes many major 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), providing tools and services. The players in this market have embraced different strategies to expand their presence and increase their market shares. New product launches, product upgradations, agreements, collaborations, business expansions, partnerships, and acquisitions are some of the significant growth strategies adopted by the market players in the insurance analytics market.

Microsoft is one of the leaders in the insurance analytics market. The company primarily operates in North America, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA), and Europe. Microsoft’s long-term strategy leans more toward the organic growth strategy, where it aims to maintain a competitive edge in the market. Organic growth strategies, such as product development and new product launches, are enabling Microsoft to improve its automation-as-a-service product offerings as well as cater to a wider audience. For instance, in April 2016, Microsoft launched a set of new offerings named the Cortana Intelligence Suite (previously called Cortana Analytics Suite). Although the suite itself is a product through Cortana Intelligence Solutions, the heart of the Suite lies in all the individual Azure products it combines, such as Azure HDInsight, Azure Data Lake, Azure Blob Storage, Azure Machine Learning, and Azure Stream Analytics. The company is also investing a large portion of its annual revenue in Research and Development (R&D) activities to deliver an innovative set of products and gain a strong foothold in the untapped markets. For instance, in 2017, the company invested USD 13.03 billion in R&D.

IBM is considered as one of the leading providers of insurance analytics solutions. The company follows both organic and inorganic strategies to enhance its market share. In October 2017, IBM introduced its industry-first insurance platform on the IBM Cloud that aims to improve the processes and economics for new product development, underwriting, and benefits delivery. Built in collaboration with MetLife and Majesco, the IBM Insurance Platform features cognitive computing, data analytics, and integration and security capabilities. This platform is designed to help insurers expand their access to products and capture new customers.

Related Reports:

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

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Report Code
TC 6252
RI Published ON
5/7/2018
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