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

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Date: 07-May-2018
No. of pages: 179
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“The rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the insurance analytics market”

MarketsandMarkets expects the global insurance analytics market to grow from USD 6.63 billion in 2018 to USD 11.96billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. 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.

“The risk management business application is expected to hold the largest market size by 2023”

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 estimated to be the largest adopter of insurance analytics solution in 2018”

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, drives the insurance companies’ market size in the insurance analytics market during the forecast period.

“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”

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 5years. 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.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the insurance analytics marketplace.


  • By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%

  • By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%

  • By Region – North America – 41%, Europe – 25%, APAC – 20%, and RoW – 14%


The insurance analytics ecosystem comprises the following major vendors:


  • IBM (US)

  • Microsoft (US)

  • Oracle (US)

  • SAP SE (Germany)

  • Salesforce (US)

  • SAS Institute (US)

  • OpenText (Canada)

  • Verisk Analytics (US)

  • Tableau Software (US)

  • Pegasystems (US)

  • Hexaware (India)

  • Guidewire (US)

  • MicroStrategy (US)

  • Sapiens International (Israel)

  • LexisNexis (US)

  • Palantir (US)

  • TIBCO Software (US)

  • Applied Systems (US)

  • Birst (US)

  • BOARD International (Switzerland)

  • Mitchell International (US)

  • QlikTech (US)

  • Vertafore (US)

  • PrADS Inc. (US)

  • BRIDGEi2i (India)


Research Coverage

The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services. The market is also segmented on the basis of business application, end-user, organization size, deployment model, and region.

Reasons to Buy the Report


  • To get a comprehensive overview of the global insurance analytics market

  • To gain a wide range information about the top players in this market space, their product portfolios, and the key strategies adopted by them

  • To gain insights of the major countries/regions, in which the insurance analytics market is flourishing in various industry verticals

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

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Insurance Analytics Market
4.2 Market Share Across Various Regions
4.3 Market By Business Application and Region
4.4 Market Professional Services, By Region

5 Market Overview and Industry Trends
5.1 Market Overview
5.1.1 Introduction
5.1.2 Market Dynamics
5.1.3 Drivers
5.1.3.1 Rapid Adoption of Data-Driven Decision Making
5.1.3.2 Increasing Adoption of Advanced Analytics Techniques
5.1.4 Restraints
5.1.4.1 Lack of Integration With Legacy Systems
5.1.4.2 Varying Regulation Laws and Policies
5.1.5 Opportunities
5.1.5.1 Higher Adoption of Insurance Analytics Tools and Services Among the SMEs
5.1.5.2 Increasing Adoption of IoT Insurance
5.1.6 Challenges
5.1.6.1 Data Quality and Security Issues
5.1.6.2 Lack of Skilled Workforce
5.2 Industry Trends
5.2.1 Insurance Analytics Market: Top Trends
5.2.1.1 Digitalization
5.2.1.2 Advanced Analytics
5.2.1.3 Automation and AI in Insurance
5.2.1.4 Introduction of New Insurance Distribution Channels Such as Direct Small Insurance Business and Chatbots
5.2.2 Insurance Analytics Market: Use Cases
5.2.2.1 Use Case 1: the Value of Synthetic Peer Benchmarking, By Mitchell International
5.2.2.2 Use Case 2: Optimizing Investigation Process for Identifying Additional Premium Opportunities, By Prads Inc.
5.2.2.3 Use Case 3: Building A Framework to Scale the Experience Given to High Net Worth Individuals to the Entire Customer Universe, By Bridgei2i
5.2.2.4 Use Case 4: Claims Fraud Detection in Insurance, By Aureus Analytics

6 Insurance Analytics Market, By Component
6.1 Introduction
6.2 Tools
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Deployment and Integration
6.3.2.2 Support and Maintenance
6.3.2.3 Consulting

7 Insurance Analytics Market, By Business Application
7.1 Introduction
7.2 Claims Management
7.3 Risk Management
7.4 Customer Management and Personalization
7.5 Process Optimization
7.6 Others

8 Insurance Analytics Market, By Deployment Model
8.1 Introduction
8.2 On-Premises
8.3 0n-Cloud

9 Insurance Analytics Market, By Organization Size
9.1 Introduction
9.2 Large Enterprises
9.3 Small and Medium-Sized Enterprises

10 Insurance Analytics Market, By End-User
10.1 Introduction
10.2 Insurance Companies
10.3 Government Agencies
10.4 Third-Party Administrators, Brokers, and Consultancies

11 Insurance Analytics Market, By Region
11.1 Introduction
11.2 North America
11.2.1 By Country
11.2.1.1 United States
11.2.1.2 Canada
11.2.2 By Component
11.2.3 By Business Application
11.2.4 By Deployment Model
11.2.5 By Organization Size
11.2.6 By End-User
11.3 Europe
11.3.1 By Country
11.3.1.1 United Kingdom
11.3.1.2 Germany
11.3.1.3 France
11.3.1.4 Rest of Europe
11.3.2 By Component
11.3.3 By Business Application
11.3.4 By Deployment Model
11.3.5 By Organization Size
11.3.6 By End-User
11.4 Asia Pacific
11.4.1 By Country
11.4.1.1 Japan
11.4.1.2 China
11.4.1.3 South Korea
11.4.1.4 Australia
11.4.1.5 Rest of Asia Pacific
11.4.2 By Component
11.4.3 By Business Application
11.4.4 By Deployment Model
11.4.5 By Organization Size
11.4.6 By End-User
11.5 Latin America
11.5.1 By Country
11.5.1.1 Brazil
11.5.1.2 Mexico
11.5.1.3 Rest of Latin America
11.5.2 By Component
11.5.3 By Business Application
11.5.4 By Deployment Model
11.5.5 By Organization Size
11.5.6 By End-User
11.6 Middle East and Africa
11.6.1 By Country
11.6.1.1 United Arab Emirates
11.6.1.2 Kingdom of Saudi Arabia
11.6.1.3 South Africa
11.6.1.4 Rest of Middle East and Africa
11.6.2 By Component
11.6.3 By Business Application
11.6.4 By Deployment Model
11.6.5 By Organization Size
11.6.6 By End-User

12 Competitive Landscape
12.1 Overview
12.2 Competitive Scenario
12.2.1 New Product Launches and Product Upgradations
12.2.2 Partnerships and Collaborations
12.2.3 Acquisitions
12.2.4 Business Expansions
12.3 Insurance Analytics Market: Prominent Players

13 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
13.1 Microsoft
13.2 IBM
13.3 Oracle
13.4 SAP
13.5 Salesforce
13.6 SAS Institute
13.7 Opentext
13.8 Verisk Analytics
13.9 Tableau Software
13.10 Pegasystems
13.11 Hexaware
13.12 Guidewire
13.13 Microstrategy
13.14 SAPiens International
13.15 Lexisnexis
13.16 Palantir
13.17 Tibco Software
13.18 Applied Systems
13.19 Birst
13.20 Board International
13.21 Bridgei2i
13.22 Mitchell International
13.23 Qlik
13.24 Vertafore
13.25 Prads Inc.

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Introducing RT: Real-Time Market Intelligence
14.5 Available Customization
14.6 Related Reports
14.7 Author Details

List of Tables

Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 3 Tools: Market Size, By Region, 2016–2023 (USD Million)
Table 4 Services: Market Size, By Type, 2016–2023 (USD Million)
Table 5 Services: Market Size, By Region, 2016–2023 (USD Million)
Table 6 Managed Services Market Size, By Region, 2016–2023 (USD Million)
Table 7 Professional Services Market Size, By Type, 2016–2023 (USD Million)
Table 8 Professional Services Market Size, By Region, 2016–2023 (USD Million)
Table 9 Deployment and Integration Market Size, By Region, 2016–2023 (USD Million)
Table 10 Support and Maintenance Market Size, By Region, 2016–2023 (USD Million)
Table 11 Consulting Market Size, By Region, 2016–2023 (USD Million)
Table 12 Insurance Analytics Market Size, By Business Application, 2016–2023 (USD Million)
Table 13 Claims Management: Market Size, By Region, 2016–2023 (USD Million)
Table 14 Risk Management: Market Size, By Region, 2016–2023 (USD Million)
Table 15 Customer Management and Personalization: Market Size, By Region, 2016–2023 (USD Million)
Table 16 Process Optimization: Market Size, By Region, 2016–2023 (USD Million)
Table 17 Others: Market Size, By Region, 2016–2023 (USD Million)
Table 18 Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million)
Table 19 On-Premises: Market Size, By Region, 2016–2023 (USD Million)
Table 20 On-Cloud: Market Size, By Region, 2016–2023 (USD Million)
Table 21 Market Size By Organization Size, 2016–2023 (USD Million)
Table 22 Large Enterprises: Market Size, By Region, 2016–2023 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Market Size, By Region, 2016–2023 (USD Million)
Table 24 Market Size By End-User, 2016–2023 (USD Million)
Table 25 Insurance Companies: Market Size, By Region, 2016–2023 (USD Million)
Table 26 Government Agencies: Market Size, By Region, 2016–2023 (USD Million)
Table 27 Third-Party Administrators, Brokers, and Consultancies: Market Size, By Region, 2016–2023 (USD Million)
Table 28 Insurance Analytics Market Size, By Region, 2016–2023 (USD Million)
Table 29 North America: Market Size By Country, 2016–2023 (USD Million)
Table 30 North America: Market Size By Component, 2016–2023 (USD Million)
Table 31 North America: Market Size By Service, 2016–2023 (USD Million)
Table 32 North America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 33 North America: Market Size By Business Application, 2016–2023 (USD Million)
Table 34 North America: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 35 North America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 36 North America: Market Size By End-User, 2018–2023 (USD Million)
Table 37 Europe: Insurance Analytics Market Size, By Country, 2016–2023 (USD Million)
Table 38 Europe: Market Size By Component, 2016–2023 (USD Million)
Table 39 Europe: Market Size By Service, 2016–2023 (USD Million)
Table 40 Europe: Market Size By Professional Service, 2016–2023 (USD Million)
Table 41 Europe: Market Size By Business Application, 2016–2023 (USD Million)
Table 42 Europe: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 43 Europe: Market Size By Organization Size, 2016–2023 (USD Million)
Table 44 Europe: Market Size By End-User, 2016–2023 (USD Million)
Table 45 North America: Insurance Analytics Market Size, By Country, 2016–2023 (USD Million)
Table 46 Asia Pacific: Market Size By Component, 2016–2023 (USD Million)
Table 47 Asia Pacific: Market Size By Service, 2016–2023 (USD Million)
Table 48 Asia Pacific: Market Size By Professional Service, 2016–2023 (USD Million)
Table 49 Asia Pacific: Market Size By Business Application, 2016–2023 (USD Million)
Table 50 Asia Pacific: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 51 Asia Pacific: Market Size By Organization Size, 2016–2023 (USD Million)
Table 52 Asia Pacific: Market Size By End-User, 2016–2023 (USD Million)
Table 53 Latin America: Insurance Analytics Market Size, By Country, 2016–2023 (USD Million)
Table 54 Latin America: Market Size By Component, 2016–2023 (USD Million)
Table 55 Latin America: Market Size By Service, 2016–2023 (USD Million)
Table 56 Latin America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 57 Latin America: Market Size By Business Application, 2016–2023 (USD Million)
Table 58 Latin America: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 59 Latin America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 60 Latin America: Market Size By End-User, 2016–2023 (USD Million)
Table 61 North America: Market Size By Country, 2016–2023 (USD Million)
Table 62 Middle East and Africa: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 63 Middle East and Africa: Market Size By Service, 2016–2023 (USD Million)
Table 64 Middle East and Africa: Market Size By Professional Service, 2016–2023 (USD Million)
Table 65 Middle East and Africa: Market Size By Business Application, 2016–2023 (USD Million)
Table 66 Middle East and Africa: Market Size By Deployment Model, 2016–2023 (USD Million)
Table 67 Middle East and Africa: Market Size By Organization Size, 2016–2023 (USD Million)
Table 68 Middle East and Africa: Market Size By End-User, 2016–2023 (USD Million)
Table 69 New Product Launches and Product Upgradations, 2016–2018
Table 70 Partnerships and Collaborations, 2016–2017
Table 71 Acquisitions, 2016–2017
Table 72 Business Expansions, 2016–2017
Table 73 Key Players in the Insurance Analytics Market

List of Figures

Figure 1 Insurance Analytics Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Insurance Analytics Market: Assumptions
Figure 8 Insurance Analytics Market is Expected to Witness High Growth During the Forecast Period
Figure 9 Market By Component, 2018 vs 2023
Figure 10 Market By Service, 2018–2023
Figure 11 Market By Professional Service, 2018–2023
Figure 12 Market By End-User, 2018–2023
Figure 13 Market By Deployment Model, 2018–2023
Figure 14 Market By Organization Size, 2018–2023
Figure 15 Market By Business Application, 2018 vs 2023
Figure 16 Increasing Need for Insurance Analytics Tools and Services Across Industries is Expected to Drive the Growth of the Insurance Analytics Market
Figure 17 North America is Estimated to Have the Largest Market Share in 2018
Figure 18 Risk Management Business Application and North American Region are Estimated to Have the Largest Market Shares in 2018
Figure 19 Support and Maintenance Segment is Estimated to Hold the Largest Market Share Across the Globe, Except in Asia Pacific, in 2018
Figure 20 Insurance Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 21 Tools Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 22 Professional Services Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 23 Deployment and Integration Segment is Projected to Have the Largest Market Size By 2023
Figure 24 Risk Management Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 25 On-Premises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 26 Large Enterprises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 27 Insurance Companies Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 28 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 29 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 30 North America: Market Snapshot
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Key Developments By the Leading Players in the Insurance Analytics Market, 2015–2018
Figure 33 Microsoft: Company Snapshot
Figure 34 Microsoft: SWOT Analysis
Figure 35 IBM: Company Snapshot
Figure 36 IBM: SWOT Analysis
Figure 37 Oracle: Company Snapshot
Figure 38 Oracle: SWOT Analysis
Figure 39 SAP: Company Snapshot
Figure 40 SAP: SWOT Analysis
Figure 41 Salesforce: Company Snapshot
Figure 42 Salesforce: SWOT Analysis
Figure 43 SAS Institute: Company Snapshot
Figure 44 Opentext: Company Snapshot
Figure 45 Verisk Analytics: Company Snapshot
Figure 46 Tableau Software: Company Snapshot
Figure 47 Pegasystems: Company Snapshot
Figure 48 Hexaware: Company Snapshot
Figure 49 Guidewire: Company Snapshot
Figure 50 Microstrategy: Company Snapshot
Figure 51 Sapiens International: Company Snapshot

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