North America 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 North America Insurance Analytics Market
Market Report Description
The North America Insurance Analytics Market would witness market growth of 15.4% CAGR during the forecast period (2021-2027). 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.
It is important for companies to continue investing and allowing access for customers and also confirm that the underwriters are fully aware of the future risks. Certain emergency situations like the COVID-19 pandemic emphasize the need for insurers to effortlessly embedded actionable insights, reliable data sources, and access control actions to assist in monitoring the uncertain landscape. By utilizing the data & investing in digitization & analytics, insurers can easily monitor these kinds of challenging situations and drive the industry forward.
By adopting the analytics solutions, companies are aiming to enhance customer experience and also provide solution on the basis of expert knowledge about customer behaviour & requirement. The insurer can modify and redevelop some latest strategies & products that can boost the sales in the market by utilizing the customers’ behaviour data. Using this software, insurers can empower distributors or agents with equipment to detect different business opportunities & serve their current customers. Analytics solutions also enable the organization to reduce total customer handling time, cost, and fraud cases, which will fuel the market growth. The huge cost attached to the insurance is a major concern for insurers around the world. Though, the analytics solution assists the insurers in managing the risks by forecasting the cost of insurance related to the coverage. Additionally, analytics also enable companies to reduce losses by identifying and minimizing fraudulent cases.
The US market dominated the North America Insurance Analytics Services Market by Country 2020, and would continue to be a dominant market till 2027. The Canada market is experiencing a CAGR of 20.2% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 19.2% 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 U.S., Mexico, Canada, and Rest of North America.
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
- Rest of North America
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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