Industry Background:
Insurance analytics software analyzes insurance-related data. Insurance companies use these solutions to reduce fraudulent activity, drive customer interactions, price their products and automate product recommendations. Insurance agencies leverage these solutions to inform strategic decision-making, enable the self-service of policies, identify potential opportunities for cost savings, and price premiums. Besides, insurance analytics software carries out deep data analysis on customer and operational data, allowing organizations to become more efficient and effective. Insurance analytics solutions connect to various data sources within an insurance agency. These solutions also typically integrate with financial services CRM software.
According to AMA Research, the market for Insurance Analytics Software is expected to register a CAGR of 11.9% during the forecast period to 2030. This growth is primarily driven by Rapid Adoption of Data-Driven Decision-Making
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Tableau (Salesforce) (United States), RapidMiner, Inc. (United States), SAS (Germany), Majesco (United States), MFX (United States), Applied (United States), Zwave (United States), Earnix Ltd. (Israel), InsuredMine, Inc. (United States) and Quantemplate (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In December 2023 – Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces the release of Duck Creek ClarityTM, an innovative, cloud-native technology solution and the successor to Duck Creek Insights.
On 25 Sept 2019, Salesforce releases data analytics software to the insurance industry. The platform now integrates several technologies and AI capabilities to provide insurance companies with what the firm calls a “360-degree view” of its customers.The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market
Influencing Trend:
The Growing Popularity of Cloud-Based Solutions
Market Growth Drivers:
Rapid Adoption of Data-Driven Decision-Making, Lack of Integration with Legacy Systems, The Rapidly Growing Insurance Sector and Regulatory Pressure is Also Fueling the Demand
Challenges:
Data quality and security issues
Restraints:
High Complexity
Opportunities:
Increasing Adoption of IoT Insurance
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Insurance Analytics Software Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Insurance Analytics Software Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Insurance Analytics Software players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Insurance Analytics Software Study Sheds Light on
The Insurance Analytics Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insurance Analytics Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insurance Analytics Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.