The insurance providers industry comprises establishments engaged in underwriting (assuming the risk and assigning premiums) annuities and insurance policies. Insurance Providers invest premiums to build up a portfolio of financial assets to be used against future claims.
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The market is valued at over $4 trillion in 2017 because many companies are using big data analytics to enhance their performance. Big data is being used in claim management, pricing, underwriting and risk selection among others. This growth is mainly driven by increasing points of contact including social media, which provides a bulk of data that can be transformed into insights and leveraged by insurers to efficiently execute the settlement process.
The market in the report is segmented into: life insurance, property & casualty insurance and health & medical insurance.
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The USA was the largest country in the insurance providers market in 2017, accounting for more than one-fourth of the market share. This was mainly due to the presence of a large number commercial establishments seeking property and casualty insurance. The USA was followed by China and Japan.
The top five competitors in the market made up one-tenth of the total market share in 2017. UnitedHealth Group was the largest competitor, followed by AXA, Allianz, Generali and Ping an. UnitedHealth Group was the largest competitor in the insurance providers market in 2016 with 3% share of the market. UnitedHealth Group is a diversified health and well-being company based in Minnetonka, Minnesota, US. It was founded in 1977 and employs around 230,000 people globally.
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