LAMEA Insurance Analytics Market By Component (Tools and Services), By Application (Risk Management, Customer Management & Personalization, Claim Management, Process Optimization, and Others), By Deployment Type (On-premise and Cloud), By Application (Large Enterprises and Small & Medium Enterprises), By End User (Insurance Companies, Government Agencies and Third-party Administrators, Brokers, & Consultancies), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the LAMEA Insurance Analytics Market
Market Report Description
The Latin America, Middle East and Africa Insurance Analytics Market would witness market growth of 21.5% CAGR during the forecast period (2021-2027). There is increasing usage of digital channel in the pandemic situation; many companies are increasingly investing in them as there is a need to replicate the new ways of living and working.
Companies are recording a huge shift in customer interaction types, volumes, and transactions. Many people are shifting towards the digital channel and are emerging as digitally engaged customers. The COVID-19 pandemic enables companies to focus on customer engagement by building reassurance and confidence to continue supporting the importance of services, products, and the organization too.
All the information and feedback are directly gathered from sources like smart devices, social media, and interactions among claims specialists & customers. This data can generate valuable insights for P&C insurers as it is not collected from outside channels. The innovation shows that digital offering developed during the COVID-19 pandemic can actually become a fixed engagement strategy. Due to this, the foundation has been laid for companies to work collectively regarding the flexibility of the workforce over customer engagement touchpoints. It will lead to significant alterations in customer sales and optimize operating models along with the skilled workforce. This would further bolster the demand for insurance analytics in the market.
One of the main challenges faced by insurance analytics companies is data security concerns. The insurance process consists of the collection and storage of data like customer personal data & information about financial products & services. Insurance companies deal with a huge amount of data that can include partial and inconsistent information like customer profile & financial data, which can result in misidentification of customers, fake marketing mails, and payments. It can further result in revenue loss that can negatively affect the insurers. All these aspects are estimated to restrict the growth of the market during the forecast period.
The Brazil market dominated the LAMEA Government Agencies Insurance Analytics Market by Country 2020, thereby, achieving a market value of $167.6 million by 2027. The Argentina market would witness a CAGR of 22.4% during (2021 - 2027). Additionally, The UAE market is expected to witness a CAGR of 21.6% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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.)
Scope of the Study
Market Segments Covered in the Report:
- Risk Management
- Customer Management & Personalization
- Claim Management
- Process Optimization
By Deployment Type
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By End User
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers, & Consultancies
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Salesforce.com, Inc.
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- OpenText Corporation
- Pegasystems, Inc.
- MicroStrategy, Inc.
- SAS Institute, Inc.
- Roper Technologies, Inc. (Vertafore, Inc.)
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