Industry Background:
Data analytics in L&H insurance will help in identifying and recording the data involved in the insurance industry, it helps insurers to retain customers with the help of various types of data analytics in insurance. Predictive analysis is one of them which identifies and targets the insurance market helping in revealing the behavior patterns, demographics, and characteristics for insurers to target marketing potential. This helps in customizing the insurance plans suited for individual customers.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Swiss Re (Switzerland), LexisNexis (United States), Majesco (United States), OpenText Corporation (Canada), Prima Solutions (France), Atidot (United States), Qlik (United States), Global IQX (Canada), Earnix (United States) and Verisk Analytics (United States) |
This growth is primarily driven by Growing Life & Health Insurance Industry with Automation and Demand for L&H Insurance Data Analytics for Predictive Analysis Helping in Insurance Claim Operation.
Globally, a noticeable market trend is evident Integration of Various Features and Tools for Data Analytics In L&H Insurance Major Players, such as Swiss Re (Switzerland), LexisNexis (United States), Majesco (United States), OpenText Corporation (Canada), Prima Solutions (France), Atidot (United States), Qlik (United States), Global IQX (Canada), Earnix (United States) and Verisk Analytics (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage.
Key Developments in the Market:
On 20th May 2021, Majesco Acquires Market Leading Utilant LLC and Launches New Innovative Data and Analytics Business Unit. Brings Contributory Database and proprietary AI/ML Models along with Cloud-based Loss Control, Loss Control Survey Assessment, and Premium Audit combined with Majesco market-leading solutions to provide cutting-edge solutions to address insurance crucial trends.
On 3rd June 2021, Prima Solutions, the leading French insurtech group for insurance and reinsurance professionals, announced the release of version 9.19 of its cloud-based platform for life and health, Prima L&H. This new version differs from traditional solutions by covering the mortgage, health, and life insurance, all in the same system. This version also introduces an enhanced API catalog to make it easier to interface with the life and health ecosystem.
Influencing Trend:
Integration of Various Features and Tools for Data Analytics In L&H Insurance
Market Growth Drivers:
Growing Life & Health Insurance Industry with Automation and Demand for L&H Insurance Data Analytics for Predictive Analysis Helping in Insurance Claim Operation
Challenges:
Technological Issues MIght Hinder the Data Analytics In L&H Insurance Market
Restraints:
Complexities Involved in the Data Analytics In L&H Insurance
Opportunities:
Many Growth Opportunities with Predictive Analysis and Data Visualization in Data Analytics In L&H Insurance Market
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 mostly 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 growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
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 in Data Analytics In L&H Insurance Market
- Analysis about New Entrants in Data Analytics In L&H Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Data Analytics In L&H Insurance Study Sheds Light on
The Data Analytics In L&H Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Data Analytics In L&H Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Data Analytics In L&H Insurance 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.