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

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    Report

  • 175 Pages
  • December 2022
  • Region: Global
  • The Business Research Company
  • ID: 5699727
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 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.



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Frequently Asked Questions about the Global Insurance Analytics Market

What is the estimated value of the Global Insurance Analytics Market?

The Global Insurance Analytics Market was estimated to be valued at $11.64 billion in 2022.

What is the growth rate of the Global Insurance Analytics Market?

The growth rate of the Global Insurance Analytics Market is 15.5%, with an estimated value of $20.72 billion by 2026.

What is the forecasted size of the Global Insurance Analytics Market?

The Global Insurance Analytics Market is estimated to be worth $20.72 billion by 2026.

Who are the key companies in the Global Insurance Analytics Market?

Key companies in the Global Insurance Analytics Market include Applied Systems Inc., Microsoft Corporation, Open Text Corporation and Pegasystems Inc..

Table of Contents

1. Executive Summary2. Insurance Analytics Market Characteristics3. Insurance Analytics Market Trends And Strategies
4. Insurance Analytics Market - Macro Economic Scenario
4.1. COVID-19 Impact On Insurance Analytics Market
4.2. Ukraine-Russia War Impact On Insurance Analytics Market
4.3. Impact Of High Inflation On Insurance Analytics Market
5. Insurance Analytics Market Size And Growth
5.1. Global Insurance Analytics Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Analytics Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurance Analytics Market Segmentation
6.1. Global Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Solution
  • Service
6.2. Global Insurance Analytics Market, Segmentation By Deployment Model, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • On Premises
  • Cloud
6.3. Global Insurance Analytics Market, Segmentation By Enterprise Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Large Enterprises
  • Small And Medium Enterprises (SMEs)
6.4. Global Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Claims Management
  • Risk Management
  • Customer Management And Personalization
  • Process Optimization
  • Other Applications
6.5. Global Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Insurance Companies
  • Government Agencies
  • Third Party Administrators, Brokers And Consultancies
7. Insurance Analytics Market Regional And Country Analysis
7.1. Global Insurance Analytics Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Insurance Analytics Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8. Asia-Pacific Insurance Analytics Market
8.1. Asia-Pacific Insurance Analytics Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8.3. Asia-Pacific Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
9. China Insurance Analytics Market
9.1. China Insurance Analytics Market Overview
9.2. China Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
9.3. China Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
10. India Insurance Analytics Market
10.1. India Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
10.2. India Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11. Japan Insurance Analytics Market
11.1. Japan Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.2. Japan Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Australia Insurance Analytics Market
12.1. Australia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12.2. Australia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13. Indonesia Insurance Analytics Market
13.1. Indonesia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13.2. Indonesia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14. South Korea Insurance Analytics Market
14.1. South Korea Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14.2. South Korea Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15. Western Europe Insurance Analytics Market
15.1. Western Europe Insurance Analytics Market Overview
15.2. Western Europe Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15.3. Western Europe Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16. UK Insurance Analytics Market
16.1. UK Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16.2. UK Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17. Germany Insurance Analytics Market
17.1. Germany Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17.2. Germany Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18. France Insurance Analytics Market
18.1. France Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18.2. France Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19. Eastern Europe Insurance Analytics Market
19.1. Eastern Europe Insurance Analytics Market Overview
19.2. Eastern Europe Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19.3. Eastern Europe Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20. Russia Insurance Analytics Market
20.1. Russia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20.2. Russia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21. North America Insurance Analytics Market
21.1. North America Insurance Analytics Market Overview
21.2. North America Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21.3. North America Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22. USA Insurance Analytics Market
22.1. USA Insurance Analytics Market Overview
22.2. USA Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22.3. USA Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23. South America Insurance Analytics Market
23.1. South America Insurance Analytics Market Overview
23.2. South America Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23.3. South America Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24. Brazil Insurance Analytics Market
24.1. Brazil Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24.2. Brazil Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25. Middle East Insurance Analytics Market
25.1. Middle East Insurance Analytics Market Overview
25.2. Middle East Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25.3. Middle East Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26. Africa Insurance Analytics Market
26.1. Africa Insurance Analytics Market Overview
26.2. Africa Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26.3. Africa Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
27. Insurance Analytics Market Competitive Landscape And Company Profiles
27.1. Insurance Analytics Market Competitive Landscape
27.2. Insurance Analytics Market Company Profiles
27.2.1. Applied Systems Inc.
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Microsoft Corporation
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Open Text Corporation
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Oracle Corporation
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Pegasystems Inc.
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Insurance Analytics Market29. Insurance Analytics Market Future Outlook and Potential Analysis
30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer

Executive Summary

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

Description:

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 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.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Applied Systems Inc.
  • Microsoft Corporation
  • Open Text Corporation
  • Oracle Corporation
  • Pegasystems Inc.

Methodology

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