The latest report on Insurance Analytics Market by Infinium Global Research gives complete coverage of the Insurance Analytics Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2020 to 2026. In addition, the study covers deep dive into key product and applications trends in the regional markets of Insurance Analytics such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the CO VID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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Insurers are Now Leveraging Analytics Solutions to Provide Additional Policy Discounts and Preemptive Risk Management Services
Insurance analytics provide tools and services that can be used to process and analyze data to generate comprehensions, which are helpful in decision making. The rising competition in the market is encouraging companies to upgrade their existing business model, streamline operations, and enhance the procedures. Furthermore, rapidly maturing digital infrastructure and increasing fraudulent activities in the insurance industry is anticipated to increase the demand for analytics solutions. In consequence of the changing financial policies and regulations across the world, the insurance facilities are compelled to opt for analytics to control their operations.
Insurers are now leveraging analytics solutions to provide additional policy discounts and preemptive risk management services. Insurers are now able to understand their customers’ lifestyles and create customized coverage to match their requirements. For example, if an insurer learns about a customer’s upcoming travel plans, they can create personalized travel coverage to take care of their travel insurance. They are now able to send automated messages to inform drivers in case of adverse weather conditions or major road repair supporting their clients to take alternative routes providing an enriching experience. Furthermore, the rapid adoption of data-driven decision making and the growing adoption of advanced analytics techniques are boosting the growth of the insurance analytics market.
Additionally, higher adoption of insurance analytics services and tools among the SMEs and the increasing adoption of IoT insurance are projected to offer lucrative opportunities in this market. On the other hand, data quality and security issues, and the dearth of skilled workforce are the factors hindering the growth of the market. Furthermore, the current concern over the spread of novel coronavirus is also expected to have a positive and long term impact on the insurance analytics market.
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Higher Adoption of Insurance Analytics Services and Tools Among the Smes and the Increasing Adoption of Iot Insurance
The COVID-19 pandemic highlights the necessity of robust data and advanced analytics, which can condense the uncertainty during dynamic disease outbreaks. The leading factors driving the growth of COVID-19 outbreak impact on the analytics industry comprise increased investments in analytics, increasing demand for remote services and location data, and growing demand for digital transformation.
Among the geographies, the North America region is expected to hold the largest share in the global insurance analytics market owing to the early adoption of technology advancements and analytics. The United States and Canada are anticipated to be the major revenue contributors in the North American insurance analytics market. Most of the insurance analytics vendors, comprising major players, have a direct or an indirect presence in this region through distributors and resellers. Furthermore, the Asia Pacific region is projected to grow at the fastest rate in the global insurance analytics market during the projection period, owing to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are anticipated to drive the insurance analytics market in the Asia Pacific region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Insurance Analytics.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.