The global insurance analytics market size is expected to progress from USD 11.46 billion in 2024 to USD 20.66 billion by 2029 at an expansion rate (CAGR) of 12.5% during the conjecture period.
Nowadays, with increasing digitization and insurance activities, a lot of information is being generated worldwide. As a result, data analysis plays a crucial role in the insurance industry for generating customer behavior and predicting the need for various insurance products. The use of insurance analytics has limited manual work to identify complex claims. Insurance analytics has managed to eliminate the overall customer handling time, costs, and the number of fraud cases and enabled the market to grow healthy. On the contrary, insurance analytics is affected by several regulation laws and policies, limiting this market growth.
Insurance companies are implementing analytics solutions to provide various discounts and proactive risk management services. With these technologies, companies understand customers' lifestyles and develop personalized packages to meet their requirements. For example, if a consumer's travel plans are known, enterprises can provide options like personalized travel coverage in terms of travel insurance. Insurers can also send automated messages to inform drivers to take alternative routes during bad weather conditions or road repairs, improving the overall experience.
Third-party administrators (TPAs) act as a medium between insurers and customers to offer features like general liability, water damage, restoration, automobile, property and casualty, product and professional liability, and others. Insurance analytics solutions deliver easy access to TPAs, agents, and brokers to existing data, obtain actionable intelligence, and offer consumers tailored service and insurers the option to perform higher-value work.
The increase in e-commerce activities around the world is increasing the number of user engagements on digital platforms. Businesses' growing interest in obtaining information through public engagement has led to increased adoption of insurance analytics in several industries. However, security and privacy concerns related to public viewing data and the complexity of analytical workflows are important factors that are expected to act as bottlenecks in market growth during the forecast period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
12.5% |
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Segments Covered |
By Component, Application, Deployment Mode, Organization Size, Industry Vertical, and Region |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
comScore (USA), Adobe (USA), Oracle (USA), IBM (USA), Google (USA), Unifi Software (USA), SAS (USA), Akamai (USA), Cxense (Norway), NetBase Solutions (USA), Cadreon (USA), Socialbakers (Czech Republic), Crimson Hexagon (USA), Quividi (France), 3DiVi (USA), Flytxt (Netherlands), Telmar (USA), StoryFit (USA), Brandchats (Spain), Verto Analytics (United States), AnalyticOwl (United States), Verimatrix (United States), Brandwatch (United Kingdom), Sightcorp (Netherlands) and Lotame Solutions (United States) and Others. |
branches out into solutions and services. By business size, it is classified into large enterprises and small and medium enterprises.
The worldwide market is bifurcated into cloud and on-premises.
The market is classified into sales and marketing management, customer experience management, and competitive intelligence. Customer management and personalization business applications are foreseen to develop with a considerable CAGR in the coming years.
the market is divided into Travel & Hospitality, Media & Entertainment, Retail & Consumer Goods, Telecommunications & IT, Health & Life Sciences, Government & Public Sector, BFFSI & Others.
The Global Insurance Analytics Market is analysed based on region in North America, Europe, Asia Pacific, and LAMEA. North America is the leading area in this business because of the presence of leading providers and high adoption of advanced technologies in various end-user verticals.
The insurance analysis ecosystem includes service providers, such as comScore (USA), Adobe (USA), Oracle (USA), IBM (USA), Google (USA), Unifi Software (USA), SAS (USA), Akamai (USA), Cxense (Norway), NetBase Solutions (USA), Cadreon (USA), Socialbakers (Czech Republic), Crimson Hexagon (USA), Quividi (France), 3DiVi (USA), Flytxt (Netherlands), Telmar (USA), StoryFit (USA), Brandchats (Spain), Verto Analytics (United States), AnalyticOwl (United States), Verimatrix (United States), Brandwatch (United Kingdom), Sightcorp (Netherlands) and Lotame Solutions (United States). Other stakeholders in the insurance analytics market include cloud service providers (CSPs), government agencies, independent software vendors (ISVs), consulting firms, systems integrators, and managed service providers (MSP).
SAP launched its SAP Business Integrity Screening during February 2018 to limit financial risk within business activities by identifying threatful transactions and patterns to control potential frauds.
Verisk Analytics in January 2018 implemented and introduced a new flood insurance program through its ISO business to offer coverage from floods to homeowners in the US. The ISO personal lines flood program will allow the market players to be a part of private flood insurance market to provide extensive and flexible coverage options, which is already familiar to most of the users in this area.
Sapiens International completed the purchase of Adaptik in February 2018. Adaptik is based in Bethlehem and offers core insurance software to the P&C clients. This purchase is likely to strengthen Sapiens market share altogether.
Tableau Software developed and launched Hyper, a new data engine during January 2018 to provide exceptional analytics. In addition to existing distinct features, Tableau 10.5 with Hyper offers almost 5X faster query speed and 3X faster extract creation speed to its consumers.
By Component
By Application
By Deployment Mode
By Organization Size
By End-User
By Region
Frequently Asked Questions
Insurance companies are leveraging analytics to analyze customer data, identify buying patterns, personalize marketing campaigns, and offer tailored products and services, thereby improving customer retention and acquisition.
Artificial intelligence plays a crucial role in the evolution of the insurance analytics market by enabling predictive modeling, natural language processing, image recognition, and machine learning algorithms to analyze vast amounts of data and derive actionable insights.
Some of the emerging trends shaping the future of the insurance analytics market include the adoption of real-time analytics, usage-based insurance models, blockchain technology for secure data sharing, and the integration of Internet of Things (IoT) devices for telematics and risk assessment.
Regulatory changes such as GDPR, CCPA, and Solvency II are driving insurance companies to enhance data governance practices, implement stricter data protection measures, and ensure compliance with regulatory requirements, thereby fueling the adoption of analytics solutions.
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