SAS, a leader in business analytics solutions, has been given the No.1 ranking in terms of software market size for business intelligence (BI), analytics and performance management in insurance by Gartner.

The report Market Trends: No Escaping BI and Analytics in Insurance in 2011, published by  IT research and advisory firm Gartner, reveals that SAS earned a 25 per cent global market share in 2010 with revenues reaching $138.7 million.

The report further shows the emergence of BI solutions as one of the most widely deployed and implemented for performance management in the insurance segment, as analytics and analytics for fraud are now being heavily preferred by insurers.

The insurance industry contributed 12 per cent of the total company software revenue of $2.43 billion in 2010.

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 mature 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.

“As insurers embrace analytics, SAS can help support an insurance company's analytical requirements today and in the future.”

“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,” Sohrabi added.

“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,” he concluded. – TradeArabia News Service