The Insurance Data Analytics market covers Service, Software, etc. Service-based insurance data analytics is generally composed of knowledgeable insurance industry professionals works to provide companies with a better alternative for their business consulting needs. The service of insurance data analytics can be further divided into managed services and professional services. The software of insurance data analytics discovers and organizes data insurance leaders need to make decisions and provides the tools to turn that data into insights. It can help customers tackle the costs and complexity of essential data management while speeding deployment of advanced automation and analytics capabilities. At present, insurance data analytics software holds a major share of the market, and its market value has reached $9186.77 million in 2019.
Insurance data analytics are applied in multiple industries such as claims management, risk assessment, process optimization, customer management and personalization. Claims management plays a key role in improving the profitability of insurance companies and building corporate reputation. Insurance data analytics is used to further improve the accuracy and timeliness of insurance claims.
Data analysis is very suitable for detailed risk assessment. It can capture more information to determine the risk faced by each applicant before the insurance policy is issued.
Meanwhile, process optimization is also important. To be competitive, insurers must continue to streamline the claims process and create effective cross-selling strategies, while optimizing business processes without compromising efficiency, quality and response time.
The insurance industry is largely customer-centric, adapting to the preferences of each client. The big data analysis platform allows insurance companies to have a comprehensive understanding of each policyholder. Data analysis algorithms help retain customers and predict which plans will benefit which customers.
At present, the market value of applications in these industries has reached $10,706.52 million, accounting for 89.47% of the market share of the insurance data analytics industry.
Global Insurance Data Analytics Market Status and Prospect Analysis in Various Regions
The global Insurance Data Analytics market has a total sales value of $5903.78 million back in 2015, and increased to $13462.86 million in 2020. The insurance data analytics market is expected to reach $23,368.8 million by 2025. The CAGR of Insurance data analytics market is 11.66% from 2020 to 2025.
North America is the largest revenue market, with a market share of 55.75% in 2015 and 52.16% in 2019, a decrease of 3.59%. Europe ranks second in the world with a market share of 27.73% in 2019.
Asia Pacific region is expected to reach at high growth rate in global insurance analytics market. China still maintains as the growth engine in the world. Though growth has stagnated in the global insurance market, China has singlehandedly driven the growth of the entire sector in the last decade, rising from seventh-largest-national market to the second-largest in that time. Cross-sector convergence is in full swing in China. Insurers are expanding both upstream and downstream along the value chain, and tech players are making inroads into insurance. Some of the biggest insurers—particularly Ping An--already leverage AI and analytical capabilities to offer exceptional client service. By leveraging big data analytics and artificial intelligence, insurers have begun to build multivariate models to predict risk and ratings. Besides, the growing usage of smart phones has led to an increased demand for mobile-based insurance facilities in Asia Pacific and even across the globe. With the growing economies in developing countries, globalization, advancing digital era, and increasing use of cloud-based technologies are expected to drive the insurance data analytics market in Asia Pacific region. Its market value is expected to rise from $2053.88 million in 2019 to $4748.54 million by 2025.
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With the Advent of the Big Data Era, the Insurance Data Analytics Industry Will Face Greater Challenges
Data security in insurance analytics is now increasingly becoming a key constraint on market growth. The process involves collecting and storing large amounts of personal data and product information, which can raise questions about the confidentiality of customer information. Because data comes from many different sources and has varying degrees of reliability, it is impossible to use standard data transfer protocols and storage methods to ensure security. At the same time, concerns about sharing their business-critical data in the cloud are clearly on the rise. Many enterprises are afraid to transfer their data on cloud, as they are so sensitive when it comes to data storage and access. Therefore, it is necessary to continuously monitor the process to minimize security risks. These factors are expected to hamper the growth of the market during the forecast period.
In addition, the shortage of professional talents can also hinder the market development. Data analysis comes from business needs, but business needs contain professional business knowledge, which is not available to ordinary data analysts. Therefore, professionals are needed to analyze and organize the data. However, with the increasing demand for data analysis capabilities, it takes a lot of effort and financial resources to train such professionals. Many developing countries and regions are limited by their economic and technological levels, resulting in an extreme shortage of such professionals, thus limiting the further development of the market.
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