DUBLIN--(BUSINESS WIRE)--May 17, 2018--The "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 has been added to ResearchAndMarkets.com's offering.

This Research Expects the Global Insurance Analytics Market to Grow from USD 6.63 Billion in 2018 to USD 11.96 Billion By 2023, at a CAGR Of 12.5%

Rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the market. However, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the growth of the insurance analytics market.

Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.

Insurance companies are now widely adopting various technology solutions including analytics for their internal and customer-facing services. For example, multi-line carriers that supply both consumer policies - for homes, cars and small groups - in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM. Increasing service demand and critical end-of-year fiscal reporting force these organizations to adopt advanced technological solutions. This, in turn, drive the insurance companies' market size in the insurance analytics market during the forecast period.

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.

North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5 years. This is mainly due to the presence of developed economies, such as Canada and US, and the high focus on innovations in R&D and technology across industry verticals.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Insurance Analytics Market, By Component

7 Insurance Analytics Market, By Business Application

8 Insurance Analytics Market, By Deployment Model

9 Insurance Analytics Market, By Organization Size

10 Insurance Analytics Market, By End-User

11 Insurance Analytics Market, By Region

12 Competitive Landscape

13 Company Profiles

Applied Systems Birst Board International Bridgei2i Guidewire Hexaware IBM Lexisnexis Microsoft Microstrategy Mitchell International Opentext Oracle Palantir Pegasystems Prads Inc. Qlik SAP SAPiens International SAS Institute Salesforce Tableau Software Tibco Software Verisk Analytics Vertafore

For more information about this report visit https://www.researchandmarkets.com/research/svnl6b/global_insurance?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180517005835/en/

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SOURCE: Research and Markets

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PUB: 05/17/2018 09:47 AM/DISC: 05/17/2018 09:47 AM