The Asia Pacific Insurance Analytics Market would witness market growth of 18.8% CAGR during the forecast period (2021-2027). Insurance analytics offer services & tools, which are utilized to process & evaluate data to produce insights that are beneficial in better decision making.
The increasing competition in the market is motivating the companies to update their current business model, improves the processes and simplifies their operations. In addition, the ever-growing digital infrastructure and rising cases of fraud activities in the insurance sectors are anticipated to spur the demand for insurance analytics solutions. The insurance services are bound to use analytics to manage their operations due to the changing financial regulations & policies around the world.
Data is the most important and valuable asset for insurance companies and predictive analytics helps companies to use this data efficiently and effectively. This COVID-19 pandemic has revealed to insurance companies that the capability to forecast any change is invaluable and predictive modelling is the best tool for carriers. The ability of predictive modelling in insurance software can define and provide rate changes and the latest products more effectively. Both predictive analytics & big data allow insurance companies to have valuable insights predicting customer behavior and optimizing underwriting processes.
Predictive analytics tools help in collecting data from different internal and external sources to better understand and forecast customer behavior. The Property and Casualty (P&C) insurance companies are accumulating the data from sources like agent interactions, telematics, smart homes, customer interactions, and social media to completely understand and maintain their relationships, claims, and underwriting. The insurance companies can instantly and precisely combine the data and obtain more insights that further help the companies to offer more customized products and services to the customers.
The China market dominated the Asia Pacific On-premise Insurance Analytics Market by Country 2020, thereby, achieving a market value of $1,140 million by 2027, growing at a CAGR of 15.6 % during the forecast period. The Japan market is showcasing a CAGR of 17.2% during (2021 - 2027). Additionally, The India market is anticipated to grow at a CAGR of 18.6% during (2021 - 2027).
Based on Component, the market is segmented into Tools and Services. Based on Application, the market is segmented into Risk Management, Customer Management & Personalization, Claim Management, Process Optimization, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into Insurance Companies, Government Agencies and Third-party Administrators, Brokers, & Consultancies. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Insurance Analytics Market is Projected to reach USD 25.1 Billion by 2027, at a CAGR of 16.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Salesforce.com, Inc., Oracle Corporation, Microsoft Corporation, SAP SE, OpenText Corporation, Pegasystems, Inc., MicroStrategy, Inc., SAS Institute, Inc., and Roper Technologies, Inc. (Vertafore, Inc.)
By Component
By Application
By Deployment Type
By Enterprise Size
By End User
By Country
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