Insurance IT Spending Market in the US 2016-2020

  • ID: 3723315
  • Report
  • Region: United States
  • 56 pages
  • TechNavio
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FEATURED COMPANIES

  • Accenture
  • Cognizant
  • EXL Service
  • Fiserv
  • Guidewire Software
  • Microsoft
  • MORE
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

About IT Spending by Insurance in the US

The insurance industry in the Americas is highly competitive and regulated in nature. The insurance market in the US is influenced by economic and political conditions of the country. GDP is one of the major factors that can influence the growth rate of the insurance industry. Currently, the economy of the US is stronger than rest of the world (ROW). The upcoming Presidential election in the US might impact the insurance business in the US. We forecast the formation of new government in the US will lead to changes in policies in the financial sector of the country.

Insurance firms in the US face intense competition, tight market regulations, and high customer expectations. These firms are under pressure with rising operational complexities, shrinking profit margin, regulatory changes for IT security, market consolidations, and fraudulent policy claims. Insurers also need to replace their traditional IT systems and obsolete technologies to remain competitive in the domestic as well as international market. Insurers seek multi-channel marketing strategies due to increased number of digital consumers using smart devices to explore insurance services

The analysts forecast the IT Spending by Insurance in the US to grow at a CAGR of 3.3% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the IT Spending by Insurance in the US for 2016-2020. To calculate the market size, we consider revenue generated from the following types of IT spending in insurance sector of the US.
- Software spending
- Hardware spending
- IT services spending

The report, IT Spending by Insurance in the US 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
- Accenture
- CSC
- Fiserv
- Guidewire Software
- Oracle

Other prominent vendors
- Andesa
- Cognizant
- EXL Service
- FIS
- Genpact
- Majesco
- Microsoft
- Pegasystems
- SAP
- StoneRiver

Market drivers
- Popularity of usage-based insurance

Market challenges
- Need for unceasing innovation

Market trends
- Intensification of cloud computing

Key questions answered in this report

- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

You can request one free hour of our analyst’s time when you purchase this market report. Details are provided within the report.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Accenture
  • Cognizant
  • EXL Service
  • Fiserv
  • Guidewire Software
  • Microsoft
  • MORE
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

PART 01: Executive summary
  • Highlights
PART 02: Scope of the report
  • Market overview
  • Market definition
  • Top-vendor offerings
PART 03: Market research methodology
  • Research methodology
  • Economic indicators
PART 04: Introduction
  • Key market highlights
  • Insurance market overview in US
PART 05: Market landscape
  • Market overview
  • Five forces analysis
PART 06: Market segmentation by technology
  • IT spending by insurance in US by technology
  • IT services spending
  • Hardware spending
  • Software spending
PART 07: Market segmentation by industry sector
  • IT spending by insurance in US by industry sector
  • L&H insurance
  • P&C insurance
PART 08: Market drivers

PART 09: Impact of drivers

PART 10: Market challenges

PART 11: Impact of drivers and challenges

PART 12: Market trends

PART 13: Vendor landscape
  • Competitive landscape
  • Other prominent vendors
PART 14: Key vendor analysis
  • Accenture
  • CSC
  • Fiserv
  • Guidewire Software
  • Oracle
PART 15: Appendix
  • List of abbreviation
PART 16: About the Author

List of Exhibits

Exhibit 01: Product offerings
Exhibit 02: IT spending by insurance in US market
Exhibit 03: Global IT spending by insurance in US 2015-2020 ($ billions)
Exhibit 04: Five forces analysis
Exhibit 05: IT services spending by insurance in US 2015-2020 ($ billions)
Exhibit 06: Hardware spending by insurance in US 2015-2020 ($ billions)
Exhibit 07: Software spending by insurance in US 2015-2020 ($ billions)
Exhibit 08: IT spending by insurance in US by industry sector 2015
Exhibit 09: Impact of drivers
Exhibit 10: Impact of drivers and challenges
Exhibit 11: Advanced analytics model
Exhibit 12: Insurance tech start-up funding 2016
Exhibit 13: Competitive factors among vendors
Exhibit 14: Other prominent vendors
Exhibit 15: Accenture: Insurance service offerings
Exhibit 16: Accenture: Insurance business services
Exhibit 17: Accenture: Insurance BPO services
Exhibit 18: CSC: Insurance solutions
Exhibit 19: CSC: Insurance software products and services
Exhibit 20: Fiserv: Insurance solution and service offerings
Exhibit 21: Guidewire: Product offerings
Exhibit 22: Oracle: Insurance products
Exhibit 23: Oracle: Insurance key offerings
Exhibit 24: Oracle: Insurance solution offerings
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FEATURED COMPANIES

  • Accenture
  • Cognizant
  • EXL Service
  • Fiserv
  • Guidewire Software
  • Microsoft
  • MORE
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

New Report Released: - IT Spending by Insurance in the US 2016-2020

The author of the report recognizes the following companies as the key players in the IT Spending by Insurance in the US: Accenture, CSC, Fiserv, Guidewire Software, and Oracle.

Other Prominent Vendors in the market are: Andesa, Cognizant, EXL Service, FIS, Genpact, Majesco, Microsoft, Pegasystems, SAP, and StoneRiver.

Commenting on the report, an analyst from the research team said: “A current trend in the IT spending market is the intensification of cloud computing. The adoption of cloud computing solutions in the financial industry in the US has increased to implement flexible, scalable, and cost-effective IT solutions. Cloud-based solutions help insurance firms to decrease their total cost of ownership by reducing the upfront installation costs of IT systems. Firms subscribe to cloud-based solution to shift from on premise to SaaS-based deployment model. Insurance firms shift to cloud-based IT infrastructure model to increase flexibility in IT resource utilization and attain cost-effectiveness through pay per use pricing model.”

According to the report, a key growth driver is the popularity of usage-based insurance. Usage-based insurance (UBI), also known as pay as you drive, is an innovative insurance model deployed in the auto insurance industry. UBI policies require advanced communication systems, connected devices, and telematics solutions to monitor the behavior of vehicle drivers and accordingly calculate premium amounts. Software firms offer telematics, ICT, and IoT solutions for auto insurance firms to provide UBI policies. UBI policies integrated with analytics solutions help auto insurers to calculate premiums accurately by analyzing numerous factors such as vehicle speed, vehicle position, changes in acceleration, and mileage.

Further, the report states that one challenge that could hamper market growth is the need for unceasing innovation. Vendors have to add products and services frequently to keep up with dynamic market conditions.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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1h Free Analyst Time

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- Accenture
- CSC
- Fiserv
- Guidewire Software
- Oracle
- Andesa
- Cognizant
- EXL Service
- FIS
- Genpact
- Majesco
- Microsoft
- Pegasystems
- SAP
- StoneRiver
Note: Product cover images may vary from those shown
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