The Europe Insurance Analytics Market would witness market growth of 16% CAGR during the forecast period (2021-2027). By using analytics solution, insurers can develop deep knowledge about customer expectations and develop customized products & services according to it.
The companies can utilize the insights to better inform and enhance friction-free claims, speed up the underwriting operations and risk exposure management by using the insurance analytics tool. The insurance analytics solution offers better safety for businesses and also individuals. This solution can be updated based on the growing cases of threats & risks and produce more applications across businesses.
Risk management includes the detection, evaluation, and management of possible risks, integrating analytics to help in the decision-making by evidently determining the business objectives, and enabling accurate data management with an improved understanding of the trade-offs among risks & rewards. Risk management helps the companies by providing the risk capacity to manage the particular credit ratings, handle capital, and decrease the earnings volatility all over the insurance companies.
The loT insurance would gain high popularity because it enables insurers to provide the latest services and communicate to their customers, thereby pushing the market growth. There are many insurance companies, which are increasing their investments in digitization and filling the gaps in business continuity models. The combination of third-party data with the insurance companies to reduce the risks is also increasing the gravity. The customers are made aware of the importance of insurance in their lives during this period. For instance, health coverage helps in drug & treatment plans for ill people, employment insurance assists all the people who are affected by the economic disruption and business insurance covers the support of the businesses that are unable to run.
The Germany market dominated the Europe Insurance Analytics Customer Management & Personalization Market by Country 2020, thereby, achieving a market value of $324.6 million by 2027. The UK market is exhibiting a CAGR of 14.2% during (2021 - 2027). Additionally, The France market is poised to witness a CAGR of 15.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Insurance Analytics Market Size will Hit $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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