SAS, a business analytics software, has been ranked at the top, in terms of software market size for Business Intelligence (BI), Analytics and Performance Management, in insurance for 2010 by Gartner, an information technology research and advisory firm.
The report, titled, Market Trends: No Escaping BI and Analytics in Insurance in 2011, reveals that SAS earned a 25 % global market share in 2010 with revenues reaching USD 138.7 million.
According to Gartner, insurers are preoccupied with regulatory compliance and risk management, customer acquisition and retention and achieving operational excellence. These imperatives have become essential factors in creating a wide range of investments in technology, with a deep focus on data architectures, data quality, and how data can be used to assess the business operations and financial performance of the insurer, for product development, claims analytics, compliance and reporting, and fraud detection.
The global insurance market is now maturing in the use of BI platforms and analytics tools, especially as these tools develop and become available with usable interfaces.
“Within the insurance industry, revenue growth and increased operational efficiency are still primary analytical initiatives but we have noticed emerging trends including ‘big data,’ social media and telematics,” said Amir Sohrabi, Regional Alliances and Partners Manager, SAS Middle East.
SAS’s wide array of solutions for the insurance sector includes, SAS Fraud Framework for Insurance, SAS Insurance Analytics Architecture, SAS Risk Management for Insurance, and SAS Customer Analytics for Insurance.
“SAS has over 30 years of experience in the field of financial services. Rest assured, we will continue to work closely with leading insurers and provide them with timely solutions that address critical business needs. In the insurance industry alone, SAS data management, fraud detection, risk management, regulatory compliance, customer intelligence and other software is used by more than 1,100 insurers worldwide,” concluded Sohrabi.