Leading business analytics software & services provider achieves 25 per cent share of global market and over USD 138.7 million in 2010 revenue
SAS, the leader in business analytics software and services, has been given the No.1 ranking in terms of software market size for Business Intelligence (BI), Analytics and Performance Management in Insurance for 2010 by Gartner, a leading information technology research and advisory firm. The report, which is entitled 'Market Trends: No Escaping BI and Analytics in Insurance in 2011,' reveals that SAS earned a 25 per cent global market share in 2010 with revenues reaching USD 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 USD 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."
Aiming to maintain its leadership in these strategic software segments, SAS has remained true to its commitment to innovate and deliver powerful analytical technology with the broadest and deepest portfolio of packaged analytical applications in the BI space. The leading company'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.
SAS, the leader in business intelligence and analytical software and services, has delivered proven solutions that have helped drive innovation and improve performance to customers located at over 50,000 sites around the world. Established in 1976, SAS has recorded consistent revenue growth and an unwavering dedication to helping customers make better, fact-based decisions. The success of the company is reflected in its presence in our everyday lives; from the roads we travel, mortgage loans we purchase to the brand of cereal you eat and the mobile phone plan you select. SAS has helped organizations across all industries realize the full potential of their greatest asset: data. The company has made major strides in the move to transform data about customers, performance, financials and more into key information and predictive insight that lays the groundwork for solid and coherent decisions. That's why SAS is used at more than 50,000 sites in over 100 countries, including 93 of the top 100 companies on the 2010 FORTUNE Global 500Â® list. Empowerment is the key to success and SAS has given its customers the ultimate advantage -THE POWER TO KNOWÂ®.
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