Insurance Actuarial Modeling Software Market

Insurance Actuarial Modeling Software Market - Global Market Forecast to 2029

Report Code: UC-TC-6730 Jan, 2025, by marketsandmarkets.com

The global Insurance Actuarial Modeling Software Market is projected to grow from USD XX billion in 2024 to USD XX billion by 2029, at a CAGR of XX% during the forecast period. The insurance sector is rapidly embracing digitalization, by adopting enhanced actuarial modeling software with integration of technologies like AI and ML. By processing vast datasets in real-time, these technologies uncover complex patterns, which improves faster decision-making and manages risks. The primary goal is to improve the efficiency and accuracy of risk assessment, pricing, and financial forecasting within the insurance industry. This would enable actuaries to derive valuable insights and create innovative insurance products that meet market demands. Actuarial modeling software enables actuaries to conduct in-depth analyses of risk factors and customer behavior by processing vast amounts of data from diverse sources. This aids in evaluating current policies and predicting future trends, allowing more accurate pricing and risk management strategies.

Implementation of such advanced actuarial modeling software can lead to significant operational efficiencies. According to WNS (Holdings) Limited, organizations utilizing this technology can experience over a 25% reduction in resource requirements, which translates to substantial cost savings. Moreover, according to a blog from Infosys, integration of AI in insurance processes can reduce processing costs by 50-65, reduce claims regulation expenses by 20-30%, and decrease processing time by 50-90%. This growing adoption underscores the role of actuarial modeling software in enhancing efficiency and decision-making across the insurance sector.

Insurance Actuarial Modeling Software market

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Impact of Generative AI on Insurance Actuarial Modeling Software Market

By providing data utilization and risk assessment skills, generative AI is influencing the insurance actuarial modeling software market. It provides insurers the ability to create synthetic data enhance predictive modeling and stimulate a variety of risk scenarios. This enables actuaries to design risk management plans and customized insurance plans, based on the needs of each client. Furthermore, automation of claims processing and underwriting through generative AI reduces operational inefficiencies and raises customer satisfaction. Additionally, the technology increases the accuracy of risk assessments and fraud detection, by pointing unusual patterns in claims data and encourages product innovation. Overall, generative AI drives efficiency and customer-centric approach in the insurance industry, paving the way for future advancements.

Impact of Gen AI on Insurance Actuarial Modeling Software market

Insurance Actuarial Modeling Software Market Dynamics

Driver: Streamlining Actuaries' Workflows Across Risk Modeling and Analysis

Streamlining actuaries' workflows across risk modeling and analysis impacts the insurance actuarial modeling software market by enhancing efficiency, accuracy and compliance of actuaries. As regulatory requirements such as IFRS 17 (International Financial Reporting Standard) and LDTI (Long Duration Targeted Improvements), become complex, insurers must adopt advanced software solutions that automate and integrate various actuarial processes.

For example, companies like Moody's AXIS and SAS Dynamic Actuarial Modeling provide integrated platforms that automate various aspects of actuarial work. These tools provide features like data mapping, model development, and scenario analysis, which allow actuaries to focus on strategic decision-making rather than manual tasks. Moreover, these software solutions enable seamless collaboration and data sharing, ensuring stakeholders make informed decision-making. As a result, insurers can enhance compliance with regulations while optimizing their operations. This will lead to more accurate risk assessments and financial projections and position insurers to respond to market changes, driving growth in the market.

Restraint: Limitations of traditional actuarial models

Traditional actuarial models face significant limitations primarily due to manual data handling complexities and scalability issues. Manual data management is inherently error-prone, with common mistakes including typos, incorrect entries, and miscalculations. These errors can lead to misguided risk evaluations and faulty pricing decisions, ultimately compromising financial projections. One of the leading vendors, Visionet indicates that actuaries often spend more time reconciling and integrating data than on critical analysis, which hampers efficiency and increases the risk of inaccuracies in their assessments.

Moreover, as the volume of data continues to grow in today's data-driven landscape, conventional modeling approaches often struggle to manage large and complex datasets effectively. Actuaries frequently encounter challenges when applying advanced statistical techniques to these extensive datasets, which can result in inadequate analyses and unreliable outcomes. The inability to scale effectively not only affects the accuracy of actuarial models but also limits the potential for actionable insights that could drive strategic decision-making within insurance companies. Thus, the reliance on traditional methods poses a significant barrier to achieving optimal performance in actuarial practices.

Attractive Opportunities in Insurance Actuarial Modeling Software market

Opportunity: The emergence of Insurtech fosters innovations across the insurance sector

The emergence of Insurtech is significantly fostering innovation in the insurance sector. Insurtech leverages technological advancements to enhance efficiency and reduce costs, allowing the development of sophisticated actuarial models that can assess risk and optimize pricing strategies. By utilizing data from various sources, including IoT devices and user behavior analytics, Insurtech firms are enabling actuaries to create highly customized insurance products that more accurately reflect individual risk profiles. Companies like Lemonade and Dacadoo, exemplify this trend by employing AI and real-time data to refine risk assessments. Lemonade utilizes an AI chatbot for rapid quote generation and claims processing, while Dacadoo integrates consumer device data to create real-time risk profiles. As the Insurtech landscape evolves, it presents unique opportunities for actuarial software providers to collaborate with these innovative startups. Such collaboration can lead to the development of innovative tools that not only streamline actuarial workflows but also enable insurers to offer more competitive and personalized products in an increasingly complex market. This dynamic shift is crucial as the insurance industry seeks to modernize its offerings and improve customer experiences, reflecting a broader trend toward digital transformation within the financial services ecosystem.

Challenge: Complexities arising due to transition management

As the industry evolves, actuaries must keep pace with new tools, modeling platforms, and systems that can enhance their analytical capabilities. The introduction of advanced technologies such as cloud computing, ML, and GenAI has transformed traditional actuarial practices, enabling more efficient data processing and dynamic risk modeling. However, incorporating these technologies into current workflows presents significant challenges. Many actuarial departments encounter challenges due to the complexity of new systems and the ongoing need for staff training to stay proficient with modern tools. Additionally, transitioning to automated systems requires meticulous planning to reduce disruptions and ensure smooth integration with legacy infrastructure. Ultimately, while the potential benefits of adopting new technologies are substantial, ranging from improved risk assessment accuracy to enhanced operational efficiency, actuarial teams must navigate these changes thoughtfully to fully leverage the advantages offered by technological advancements.

Insurance Actuarial Modeling Software Market Ecosystem

The Insurance Actuarial Modeling Software market ecosystem comprises a diverse range of stakeholders. Key players include actuarial valuation providers, pricing & underwriting providers, advanced analytics & reporting providers, risk & capital management providers, and regulatory compliance management providers. These entities collaborate to develop, deliver, and utilize AI-based insurance actuarial modeling software, driving innovation and growth in the market.

Insurance Actuarial Modeling Software market Ecosystem

 

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By software type, the actuarial valuation will lead the market during the forecast period

Actuarial valuation leads the insurance actuarial modeling software market primarily due to its critical role in assessing the financial health of insurance products and pension plans. As companies face increasing regulatory scrutiny and the need for accurate financial reporting, actuarial valuations have become essential for compliance with accounting standards like IAS 19 and AS 15, which mandate the disclosure of liabilities related to employee benefit plans. Moreover, actuarial valuations provide valuable insights into funding strategies, allowing organizations to optimize their resource allocation and mitigate risks associated with underfunding. By employing statistical models and assumptions about future events such as interest rates, demographic shifts, and mortality rates actuaries can forecast potential funding shortfalls and guide financial planning.

By application, claims forecasting segment will register the highest CAGR during the forecast period

In the insurance actuarial modeling software market, the claims forecasting segment is projected to have the highest CAGR. This growth is driven by the increasing need for insurers to accurately predict future claims based on historical data and emerging trends. As the insurance landscape evolves with more complex products and changing consumer behaviors, companies are investing in advanced analytics tools that enhance their forecasting capabilities. These tools not only improve accuracy in claims predictions but also help in optimizing reserves and pricing strategies, ultimately leading to better financial performance. Insurers are increasingly required to demonstrate robust risk management practices, which include reliable claims forecasts to maintain solvency and meet capital requirements. As a result, the focus on claims forecasting is expected to intensify, making it a critical area for technological investment and innovation within the insurance sector.

By end users, the insurance brokers and agents segment holds the highest market share during the forecast period.

In the realm of insurance actuarial modeling software, insurance brokers and agents are likely to hold the highest market share among end users. This is primarily due to their pivotal role as intermediaries between clients and insurance providers, which necessitates a robust understanding of risk assessment and pricing models. As the demand for personalized insurance products continues to rise, brokers increasingly rely on sophisticated actuarial models to analyze data and forecast risks accurately. This reliance enhances their ability to offer tailored solutions that meet diverse client needs, thereby solidifying their market position. Moreover, the growing complexity of insurance products and the regulatory landscape compels brokers to adopt advanced software solutions for compliance and operational efficiency.

By region, Asia Pacific has the highest CAGR during the forecast period.

The Asia Pacific region is experiencing the highest compound annual growth rate (CAGR) in the insurance actuarial modeling software market due to several key factors. Rapid economic development across countries like China and India has led to increased demand for insurance products, necessitating advanced actuarial solutions to manage complex risk assessments. Furthermore, the growing regulatory environment in these countries is pushing insurers to adopt sophisticated modeling tools to comply with new standards which emphasizes transparency and accuracy in financial reporting. Additionally, there is a significant rise in disposable incomes, which enhances consumer awareness and demand for various insurance products, thereby driving the need for effective pricing and risk management strategies. The adoption of digital technologies is also accelerating, as insurers leverage cloud-based platforms and AI-driven analytics to enhance operational efficiency and customer engagement. This combination of economic growth, regulatory pressures, increased consumer demand, and technological advancements positions Asia Pacific as a leader in the actuarial modeling software market.

Insurance Actuarial Modeling Software market Region

Key Market Players

1. Moody’s (US) 2. Willis Towers Watson (WTW) (UK) 3. Milliman (US) 4. FIS (US) 5. Oracle (US) 6. Deloitte (England) 7. SAS Institute (US) 8. WNS (UK) 9. AON (UK) 10. Munich Re (Germany) 11. KPMG (Netherlands) 12. PWC (UK) 13. EY (UK) 14. Oliver Wyman (US) 15. Actuarial Resource Corporation (US) 16. Slope software (US)

 

Attractive Opportunities in Freight Visibility Software Market

Recent Developments:

  • On April 3, 2024, Tata AIA Life Insurance partnered with SAS to facilitate compliance with the upcoming Indian IFRS 17 reporting standards. This collaboration aims to modernize Tata AIA's technology and enhance its risk and actuarial operations. SAS will provide advanced analytics and reporting capabilities, allowing Tata AIA to access detailed financial information and ensure robust disclosures before the new regulations take effect. This partnership underscores Tata AIA's commitment to navigating the complexities of regulatory changes while leveraging SAS's expertise in data-driven solutions for the insurance sector.
  • On December 7, 2023, EY announced an alliance with Moody’s Analytics to enhance how organizations measure and manage risk. This partnership combines EY's consulting capabilities with Moody's financial intelligence and analytical tools, enabling clients to leverage data for improved decision-making. The alliance aims to address complex risk and regulatory challenges faced by financial institutions, offering comprehensive support across credit, market, liquidity, operational, actuarial, and ESG risks. This collaboration is expected to create significant value by providing clients with a 360-degree view of their businesses and strengthening their risk management capabilities.
  • On October 30, 2023, WTW announced a partnership with CSAA Insurance Group to license its Radar software suite. This collaboration aims to enhance predictive modeling for pricing and underwriting, allowing CSAA to leverage advanced analytics and machine-learning techniques. Radar will facilitate competitive market analysis and improve decision-making in pricing and claims processes, ultimately aiming to provide a superior insurance experience for customers. CSAA is committed to utilizing innovative software solutions to better serve its clients, reinforcing its position as a leading provider of personal lines insurance.
  • On September 20, 2022, Akur8 and Milliman announced the global expansion of their strategic alliance, aimed at enhancing insurance pricing capabilities for property and casualty (P&C) insurers, Insurtech’s, and managing general agents (MGAs). This partnership combines Akur8's innovative cloud-based pricing solution, which utilizes Transparent Machine Learning technology, with Milliman's actuarial expertise and data services. Together, they aim to improve pricing efficiency, accuracy, and speed-to-market across multiple regions including the U.S., Europe, South America, Asia, and Africa. The collaboration will be showcased through a joint workshop at the Insurtech Connect (ITC) Vegas 2022 conference.

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TABLE OF CONTENTS
 
1 INTRODUCTION
  1.1 OBJECTIVES OF THE STUDY
  1.2 MARKET DEFINITION
      1.2.1 INCLUSIONS AND EXCLUSIONS
  1.3 MARKET SCOPE
      1.3.1 MARKET SEGMENTATION
      1.3.2 REGIONS COVERED
      1.3.3 YEARS CONSIDERED FOR THE STUDY
  1.4 CURRENCY CONSIDERED
  1.5 STAKEHOLDERS
 
2 RESEARCH METHODOLOGY
  2.1 RESEARCH DATA
      2.1.1 SECONDARY DATA
            2.1.1.1 KEY DATA FROM SECONDARY SOURCES
      2.1.2 PRIMARY DATA
            2.1.2.1 KEY DATA FROM PRIMARY SOURCES
            2.1.2.2 KEY INDUSTRY INSIGHTS
            2.1.2.3 BREAKDOWN OF PRIMARY INTERVIEWS
  2.2 MARKET BREAKUP AND DATA TRIANGULATION
  2.3 MARKET SIZE ESTIMATION
      2.3.1 TOP-DOWN APPROACH
      2.3.2 BOTTOM-UP APPROACH
  2.4 MARKET FORECAST
  2.5 ASSUMPTIONS FOR THE STUDY
  2.6 LIMITATIONS OF THE STUDY
 
3 EXECUTIVE SUMMARY
 
4 PREMIUM INSIGHTS
  4.1 ATTRACTIVE OPPORTUNITIES IN THE GLOBAL INSURANCE ACTUARIAL MODELING SOFTWARE MARKET
  4.2 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY OFFERING, 2024 VS. 2029
  4.3 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY APPLICATION, 2024 VS. 2029
  4.4 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY END USER, 2024 VS. 2029
  4.5 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY REGION, 2024 VS. 2029
 
5 MARKET OVERVIEW
  5.1 INTRODUCTION
  5.2 MARKET DYNAMICS
      5.2.1 DRIVERS
      5.2.2 RESTRAINTS
      5.2.3 OPPORTUNITIES
      5.2.4 CHALLENGES
  5.3 EVOLUTION OF INSURANCE ACTUARIAL MODELING SOFTWARE
  5.4 ECOSYSTEM ANALYSIS
  5.5 SUPPLY CHAIN ANALYSIS
  5.6 INVESTMENT LANDSCAPE AND FUNDING SCENARIO
  5.7 TECHNOLOGY ANALYSIS
      5.7.1 KEY TECHNOLOGIES
      5.7.2 COMPLEMENTARY TECHNOLOGIES
      5.7.3 ADJACENT TECHNOLOGIES
  5.8 REGULATORY LANDSCAPE
      5.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
      5.8.2 NORTH AMERICA
      5.8.3 EUROPE
      5.8.4 ASIA PACIFIC
      5.8.5 MIDDLE EAST AND AFRICA
      5.8.6 LATIN AMERICA
  5.9 PRICING ANALYSIS
  5.10 KEY STAKEHOLDERS AND BUYING CRITERIA
      5.10.1 KEY STAKEHOLDERS IN THE BUYING PROCESS
      5.10.2 BUYING CRITERIA
 
6 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY OFFERING
  6.1 INTRODUCTION
      6.1.1 OFFERING: INSURANCE ACTUARIAL MODELING SOFTWARE MARKET DRIVERS
  6.2 SOFTWARE
      6.2.1 SOFTWARE, BY TYPE
            6.2.1.1 ACTUARIAL VALUATION
                    6.2.1.1.1 KEY USE CASES
            6.2.1.2 PRICING & UNDERWRITING
                    6.2.1.2.1 KEY USE CASES
            6.2.1.3 ADVANCED ANALYTICS AND REPORTING
                    6.2.1.3.1 KEY USE CASES
            6.2.1.4 RISK & CAPITAL MANAGEMENT
                    6.2.1.4.1 KEY USE CASES
            6.2.1.5 REGULATORY COMPLIANCE MANAGEMENT
                    6.2.1.5.1 KEY USE CASES
            6.2.1.6 OTHERS
                    6.2.1.6.1 KEY USE CASES
      6.2.2 SOFTWARE, BY DEPLOYMENT MODE
            6.2.2.1 ON-PREMISE
            6.2.2.2 CLOUD
  6.3 SERVICES
      6.3.1 PROFESSIONAL SERVICES
            6.3.1.1 TRAINING AND CONSULTING SERVICES
            6.3.1.2 SYSTEM INTEGRATION AND IMPLEMENTATION SERVICES
            6.3.1.3 SUPPORT AND MAINTENANCE SERVICES
      6.3.2 MANAGED SERVICES
 
7 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY APPLICATION
  7.1 INTRODUCTION
      7.1.1 APPLICATION: INSURANCE ACTUARIAL MODELING SOFTWARE MARKET DRIVERS
  7.2 PRICING AND PREMIUM CALCULATION
  7.3 RESERVE CALCULATION
  7.4 SOLVENCY AND RISK MANAGEMENT
  7.5 CLAIMS FORECASTING
  7.6 ASSET AND LIABILITY MANAGEMENT (ALM)
  7.7 CAPITAL MODELING
  7.8 HEDGE PROJECTIONS
  7.9 FINANCIAL AND REGULATORY REPORTING
  7.10 OTHER APPLICATIONS
 
8 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY END USER
  8.1 INTRODUCTION
      8.1.1 END USER: INSURANCE ACTUARIAL MODELING SOFTWARE MARKET DRIVERS
  8.2 INSURANCE COMPANIES
      8.2.1 LIFE INSURANCE
            8.2.1.1 ADOPTION TRENDS
                    8.2.1.1.1 CURRENT AND FUTURE OUTLOOK
                    8.2.1.1.2 IMPLEMENTATION CASE STUDIES
                    8.2.1.1.3 KEY OPPORUNITIES AND CHALLENGES
      8.2.2 HEALTH INSURANCE
            8.2.2.1 ADOPTION TRENDS
                    8.2.2.1.1 CURRENT AND FUTURE OUTLOOK
                    8.2.2.1.2 IMPLEMENTATION CASE STUDIES
                    8.2.2.1.3 KEY OPPORUNITIES AND CHALLENGES
      8.2.3 GENERAL INSURANCE
      8.2.4 PROPERTY & CASUALTY (P&C) INSURANCE
      8.2.5 DISABILITY INSURANCE
      8.2.6 OTHERS
  8.3 INSURANCE AGENCIES & BROKERS
      8.3.1 ADOPTION TRENDS
  8.4 THIRD-PARTY ADMINISTRATORS (TPAS)
  8.5 ACTUARIES
  8.6 REINSURERS
  8.7 OTHERS
 
9 INSURANCE ACTUARIAL MODELING SOFTWARE MARKET, BY REGION
  9.1 INTRODUCTION
  9.2 NORTH AMERICA
      9.2.1 NORTH AMERICA: INSURANCE ACTUARIAL MODELING SOFTWARE MARKETDRIVERS
      9.2.2 NORTH AMERICA: MACROECONOMIC OUTLOOK
      9.2.3 US
      9.2.4 CANADA
  9.3 EUROPE
      9.3.1 EUROPE: INSURANCE ACTUARIAL MODELING SOFTWARE MARKET DRIVERS
      9.3.2 EUROPE: MACROECONOMIC OUTLOOK
      9.3.3 UK
      9.3.4 GERMANY
      9.3.5 FRANCE
      9.3.6 ITALY
      9.3.7 SPAIN
      9.3.8 REST OF EUROPE
  9.4 ASIA PACIFIC
      9.4.1 ASIA PACIFIC: INSURANCE ACTUARIAL MODELING SOFTWARE MARKET DRIVERS
      9.4.2 ASIA PACIFIC: MACROECONOMIC OUTLOOK
      9.4.3 CHINA
      9.4.4 INDIA
      9.4.5 JAPAN
      9.4.6 SOUTH KOREA
      9.4.7 AUSTRALIA & NEW ZEALAND
      9.4.8 SINGAPORE
      9.4.9 REST OF ASIA PACIFIC
  9.5 MDDLE EAST AND AFRICA
      9.5.1 MDDLE EAST AND AFRICA: INSURANCE ACTUARIAL MODELING SOFTWARE MARKET DRIVERS
      9.5.2 MDDLE EAST AND AFRICA: MACROECONOMIC OUTLOOK
      9.5.3 MIDDLE EAST
            9.5.3.1 SAUDI ARABIA
            9.5.3.2 UAE
            9.5.3.3 QATAR
            9.5.3.4 TURKEY
            9.5.3.5 REST OF MIDDLE EAST
      9.5.4 AFRICA
  9.6 LATIN AMERICA
      9.6.1 LATIN AMERICA: INSURANCE ACTUARIAL MODELING SOFTWARE MARKETDRIVERS
      9.6.2 LATIN AMERICA: MACROECONOMIC OUTLOOK
      9.6.3 BRAZIL
      9.6.4 MEXICO
      9.6.5 ARGENTINA
      9.6.6 REST OF LATIN AMERICA
 
10 COMPETITIVE LANDSCAPE
  10.1 OVERVIEW
  10.2 STRATEGIES ADOPTED BY KEY PLAYERS
      10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY KEY INSURANCE ACTUARIAL MODELING SOFTWARE VENDORS
  10.3 REVENUE ANALYSIS FOR KEY PLAYERS
      10.3.1 BUSINESS SEGMENT REVENUE ANALYSIS
  10.4 MARKET SHARE ANALYSIS
      10.4.1 MARKET RANKING ANALYSIS
  10.5 PRODUCT COMPARATIVE ANALYSIS
      10.5.1 PRODUCT COMPARATIVE ANALYSIS, BY INSURANCE ACTUARIAL MODELING SOFTWARE TYPE
  10.6 COMPANY VALUATION AND FINANCIAL METRICS OF KEY INSURANCE ACTUARIAL MODELING SOFTWARE VENDORS
  10.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
      10.7.1 STARS
      10.7.2 EMERGING LEADERS
      10.7.3 PERVASIVE PLAYERS
      10.7.4 PARTICIPANTS
      10.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
            10.7.5.1 COMPANY FOOTPRINT
            10.7.5.2 REGION FOOTPRINT
            10.7.5.3 INSURANCE TYPE FOOTPRINT
            10.7.5.4 APPLICATION FOOTPRINT
            10.7.5.5 END USER FOOTPRINT
  10.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
      10.8.1 PROGRESSIVE COMPANIES
      10.8.2 RESPONSIVE COMPANIES
      10.8.3 DYNAMIC COMPANIES
      10.8.4 STARTING BLOCKS
      10.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
            10.8.5.1 DETAILED LIST OF KEY STARTUPS/SMEs
            10.8.5.2 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMEs
  10.9 COMPETITIVE SCENARIO AND TRENDS
      10.9.1 PRODUCT LAUNCHES AND ENHANCEMENTS
      10.9.2 DEALS
      10.9.3 OTHERS
 
11 COMPANY PROFILES
  11.1 INTRODUCTION
  11.2 KEY PLAYERS
      11.2.1 MOODY’S
      11.2.2 WILLIS TOWERS WATSON (WTW)
      11.2.3 MILLIMAN
      11.2.4 FIS
      11.2.5 ORACLE
      11.2.6 DELOITTE
      11.2.7 SAS INSTITUTE
      11.2.8 WNS
      11.2.9 AON
      11.2.10 MUNICH RE
      11.2.11 KPMG
      11.2.12 PWC
      11.2.13 EY
      11.2.14 OLIVER WYMAN
      11.2.15 ACTUARIAL RESOURCES CORPORATION
  11.3 OTHER KEY PLAYERS
      11.3.1 SLOPE SOFTWARE
      11.3.2 RNA ANALYTICS
      11.3.3 AKUR8
      11.3.4 SLICE LABS
      11.3.5 PLANCK
      11.3.6 COMPANY 6
      11.3.7 COMPANY 7
      11.3.8 COMPANY 8
      11.3.9 COMPANY 9
 
Note 1: Financial Overview shall be covered for publicly listed companies only.
Note 2: The list of players is subject to further modification over the course of research fieldwork.
Note 3: The market segmentations are tentative and are subject to change during the course of research
fieldwork.

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