Struggling to turn data into profit?
You’re likely drowning in data from claims and policies, but clear insights on risk and growth opportunities remain just out of reach.
This gap leads to inefficient claims processing and missed revenue, making it tough to stay competitive and compliant in a demanding market.
According to Deloitte, a 103% combined ratio in 2023 for non-life lines signaled major unprofitability. This pressure forces difficult decisions on premiums and coverage.
But what if you could change this? The right software can turn your raw data into actionable intelligence for smarter decision-making.
In this guide, I’ll show you the best insurance analytics software to help you streamline operations, enhance risk assessment, and boost your bottom line.
You’ll discover tools that provide the clarity needed to identify growth opportunities and improve your overall performance, giving you a competitive edge.
Let’s get started.
Quick Summary:
| # | Software | Rating | Best For |
|---|---|---|---|
| 1 | GoodData → | Scalable data-driven enterprises | |
| 2 | Vertafore → | Mid-size agencies & carriers | |
| 3 | SmartCompliance → | Compliance-focused insurers | |
| 4 | Tableau → | Data-driven insurance firms | |
| 5 | Novidea → | Customer-centric insurers |
1. GoodData
Is fragmented data slowing your insurance insights? GoodData helps you make sense of all your information. You can leverage its Analytics Lake for composable data services, which means integrating disparate sources for a holistic view becomes simpler. This reduces manual processing and provides the unified data necessary for identifying risk patterns and growth opportunities. It’s time to streamline your operations.
GoodData’s platform empowers you to design and deploy custom data applications, integrating AI-assisted analytics right where you need them. You can empower every user to ask questions and visualize data through code-based or drag-and-drop UI. This includes features like natural language analytics for intuitive data exploration. You can manage your analytics in one place, automatically scaling to accommodate increased volume and users. This robust solution also helps you control costs and boost performance by transforming data with an in-memory data service layer, including smart caching to manage data warehouse spend.
While we’re discussing data insights, my article on best marketing analytics tools offers more ways to boost your business.
Key features:
- Analytics Lake: Combines various data sources into a composable data service layer, simplifying integration and offering a comprehensive view for enhanced risk assessment and growth.
- Artificial Intelligence: Provides natural language analytics and AI-powered “Analytics-as-Code” workflows, enabling smarter decision-making and automating manual tasks for efficiency.
- Embedded Analytics: Integrates metrics, insights, and AI features directly into your existing applications and web portals, delivering data where your users need it most for actionable insights.
Learn more about GoodData features, pricing, & alternatives →
Verdict: GoodData’s ability to consolidate diverse data, apply AI for deeper insights, and embed analytics directly into workflows makes it an ideal best insurance analytics software. Its scalable architecture and cost control features support data-driven strategies for improved profitability and customer experience.
2. Vertafore
Struggling with fragmented data and slow claims analysis?
Vertafore offers RiskMatch for Agencies & Brokers, designed to centralize and analyze your critical insurance data. This helps you identify risk patterns and growth opportunities more effectively.
Their analytics tools help address compliance hurdles and missed opportunities, allowing you to transform agency strategy through data insights.
Gain actionable analytics dashboards.
Vertafore’s solutions empower insurance distribution by providing purpose-built technology for your unique needs. You can leverage analytics and industry insights using tools like RiskMatch for Carriers, which offers crucial data insights for predicting market shifts. Their platform focuses on providing a single, connected experience for agencies, helping you integrate disparate data sources. This allows you to manage your agency, engage clients, and ensure credentialing and compliance more efficiently.
Ultimately, this boosts profitability and improves customer experience.
Key features:
- RiskMatch for Agencies & Brokers: Provides comprehensive analytics to identify risk patterns, uncover growth opportunities, and assess portfolio performance.
- ReferenceConnect for Carriers & MGAs: Offers access to an extensive insurance knowledge base for quick insights and informed decision-making.
- AgencyOne Integrated Platform: Unifies essential agency operations into a single, connected experience, streamlining management and client engagement.
Learn more about Vertafore features, pricing, & alternatives →
Verdict: Vertafore is designed to streamline your operations, offering over 15,000 agencies and 1,200 carriers the tools for enhanced risk assessment and data-driven strategies. Its focus on integrated analytics, like RiskMatch, makes it a strong contender for the best insurance analytics software.
3. SmartCompliance
Is manual insurance compliance draining your resources?
SmartCompliance automates Certificate of Insurance (COI) management, streamlining renewals and providing a clear view of your compliance status. This tackles the pain point of fragmented data and slow analysis.
I’ve seen how frustrating manual processes are, but SmartCompliance offers solutions to eliminate risks by dealing with a manual process. It directly addresses issues like regulatory hurdles and missed opportunities.
Take control and automate your compliance.
SmartCompliance tackles the burden of creating, delivering, storing, and managing COIs. Its optical character recognition technology streamlines compliance verification, freeing up your team from error-prone data entry.
You can expect automated COI creation, renewal processing, and batch certificate delivery. This means easier management of third-party compliance and active contracts. It’s all about ensuring your projects stay compliant and on budget. Plus, SmartCompliance offers risk insights and analysis reporting, enabling you to make data-driven decisions that ultimately boost your profitability and give you a competitive edge.
Never worry about insurance compliance again.
Key features:
- Automated COI Tracking & Renewal Requests: Automates renewals and confirms third-party compliance, ensuring your organization meets required standards.
- Optical Character Recognition Technology: Streamlines compliance verification by accurately extracting data from certificates, reducing manual data entry and errors.
- Risk Insights & Analysis Reporting: Provides data-driven insights for better decision-making, helping you identify risk patterns and ensure projects stay on budget.
Learn more about SmartCompliance features, pricing, & alternatives →
Verdict: SmartCompliance stands out by automating COI management, providing risk insights, and simplifying policy processes. With a reported 65% increase in vendor compliance for clients and the ability to manage over 60,000 certificates, it’s a strong contender for the best insurance analytics software, helping you save time, reduce costs, and ensure compliance success.
4. Tableau
Fragmented insurance data holding you back?
Tableau, a visual analytics platform, helps you see, understand, and act on your data quickly.
It transforms how you use data to solve problems, ensuring you’re not just looking at numbers but turning trusted insights into autonomous action.
It’s time to fuel faster insights.
Tableau unlocks your data’s full potential with agentic analytics, delivering trusted insights for everyone. It helps organizations accelerate innovation and improve operations by embracing a data culture.
You can deploy Tableau in the cloud or on-premises, connecting to all your data with fully integrated AI/ML capabilities. This includes governance and data management for reliable insights. The platform enables visual storytelling and collaboration, allowing you to breeze through data preparation and create visualizations faster with conversational AI.
Tableau empowers analysts with AI-powered insights, data and IT leaders with trusted data governance, and business leaders with increased efficiency. Developers can also build and embed AI analytics for their teams and clients.
Boost profitability, make smarter decisions.
While discussing advanced analytics, you might find my guide on best hedge fund software helpful for mastering financial data and driving performance.
Key features:
- Visual Analytics Platform: See, understand, and act on data effectively, helping you accelerate innovation and improve operations through visual exploration.
- AI-Powered Insights: Leverage conversational AI and agentic analytics for faster data preparation and visualization, leading to increased efficiency and better decision-making.
- Comprehensive Data Integration: Connect to all your data sources, whether in the cloud or on-premises, with integrated AI/ML capabilities, governance, and data management.
Learn more about Tableau features, pricing, & alternatives →
Verdict: Tableau’s visual analytics and AI-powered insights streamline data analysis, directly addressing fragmented data sources and slow claims analysis. Its ability to deliver trusted insights and integrate with existing systems makes it an excellent choice as the best insurance analytics software for enhanced risk assessment and profitable decision-making.
5. Novidea
Struggling with fragmented data and slow claims analysis?
Novidea offers a data-driven insurance management platform, built on Salesforce, to integrate your entire insurance distribution lifecycle.
This solution helps you overcome fragmented data, providing a complete view of customers and streamlining access to valuable information across all operational phases for better-informed decisions and greater customer value.
Discover a holistic approach to your insurance operations.
Novidea’s cloud-native platform digitalizes your entire insurance distribution, from quotes and upselling to accounting and claims, giving you real-time access to your data. This actionable intelligence, accessible from any device, anywhere, helps you grow your business and deliver exceptional customer value. You can tailor your business to be customer-focused and adaptable, adding functionality with its open API framework. This platform helps clients manage millions of policies, boosting cross-sell by 40% and renewals by 30%, while increasing back office efficiency by 60% and claims capacity by 24%.
It truly empowers your people and helps your business thrive.
Key features:
- All-in-one platform: Manages your entire insurance distribution lifecycle, providing a complete view of customers and stakeholders from quotes to claims.
- Actionable intelligence: Delivers real-time access to all your data from any device, enabling you to make better-informed decisions for business growth.
- Born-in-the-cloud and scalable: Provides secure access to customer data from anywhere, ensuring peak performance and flexibility to add new lines of business.
Learn more about Novidea features, pricing, & alternatives →
Verdict: Novidea excels at integrating front, middle, and back-office operations, providing a single source of truth for your data. Its cloud-native design and actionable intelligence capabilities make it suitable as the best insurance analytics software for achieving significant gains in sales, renewals, and operational efficiency.
6. Guidewire
Struggling with fragmented insurance data and slow insights?
Guidewire helps you streamline operations by integrating digital, core, and analytics into a unified cloud platform. This empowers you to harness powerful P&C insurance software for enhanced efficiency.
You can confidently engage with audiences and empower them across the entire lifecycle, thanks to technology trusted by leading insurers globally. This means you can turn challenges into powerful opportunities.
Unlock new opportunities through automation.
Guidewire’s InsuranceSuite offers unmatched capabilities for policy administration, claims management, and billing, while InsuranceNow provides an all-in-one cloud platform for rapid implementation. You can accelerate and scale your digital transformation with analytics-driven P&C software and seamless integrations, boosting your overall business performance. Furthermore, their analytics products like HazardHub, Predict, and Cyence, provide critical data for smarter underwriting and risk selection, transforming your pricing strategies and improving decision-making processes to drive growth.
Ultimately, your business will grow efficiently.
If you’re also evaluating various financial software, you might find my guide on best loan management software helpful for boosting efficiency.
Key features:
- Integrated P&C Insurance Software: Offers InsuranceSuite for comprehensive policy, claims, and billing management, and InsuranceNow for an all-in-one cloud solution, enhancing operational efficiency.
- Advanced Analytics Tools: Provides powerful tools like HazardHub, Predict, Canvas, and Cyence to transform pricing, underwriting, and risk selection with actionable insights.
- Cloud-Based Platform: Delivers digital, core, analytics, and AI as a unified cloud service, ensuring scalability, agility, and reduced downtime for your insurance operations.
Learn more about Guidewire features, pricing, & alternatives →
Verdict: Guidewire is the best insurance analytics software for insurers facing fragmented data and slow insights. With its integrated P&C core systems and advanced analytics tools like HazardHub, it helps you streamline operations, accelerate growth, and gain a competitive edge by transforming data into actionable strategies, as seen with Definity’s 10x faster deployment.
7. Applied Systems
Are you struggling with fragmented insurance data?
Applied Systems offers robust business intelligence and analytics capabilities, providing a single view of your business. This helps you overcome outdated reporting tools and identify crucial insights.
Their platform helps consolidate your brokerage operations, providing the choice and flexibility to innovate. It centralizes daily tasks and client interactions, leading to greater operational efficiency.
It’s time to transform your agency.
Applied Systems helps you transform day-to-day operations and extend your storefront to online insurance experiences, addressing key pain points like manual processing. Their solutions offer business intelligence and analytics for data-driven strategies. You can also leverage AI tools as your co-pilot to deliver faster workflows and more productivity. The platform helps increase renewals and new business through sales and marketing automation, and improve client experience and retention with all-in-one solutions.
They provide capabilities for agency management, customer self-service, employee mobile apps, and even AI-powered insurance, enabling smarter decision-making and enhancing risk assessment.
Gain insights to boost your profitability.
Key features:
- Business Intelligence & Analytics: Provides data visualization dashboards for a single view of your business, transforming operations and offering robust insights.
- AI-Powered Insurance: Leverages AI tools to improve workflows, increase productivity, and enhance customer service, helping you stay competitive.
- Sales & Marketing Automation: Increases renewals and new business by automating marketing and sales efforts, extending your traditional storefront online.
Learn more about Applied Systems features, pricing, & alternatives →
Verdict: With 7 out of 10 top agencies using their solutions, Applied Systems streamlines operations, enhances customer experience, and provides actionable insights. Its robust analytics and AI capabilities make it suitable as the best insurance analytics software for any insurance professional aiming for a competitive edge.
8. Duck Creek Technologies
Struggling with fragmented data and slow insights?
Duck Creek Technologies provides a low-code SaaS core system designed to transform your P&C insurance operations. You can implement changes quickly without deep coding knowledge.
This allows you to quickly develop and deploy new products, helping your business adapt to changing consumer needs. You can accelerate your speed-to-market and enhance customer experience.
Reimagine the future of insurance with Duck Creek.
Duck Creek Technologies helps you streamline your operations, providing modern, intelligent, and humanized technology across the entire insurance lifecycle. This means you can simplify complex processes.
Your team can build trust and deliver more empathetic, personalized customer experiences by leveraging the platform’s capabilities. You’ll also grow distribution channels, increasing sales and enhancing loyalty.
This comprehensive suite boasts over 200 customers and 1,100 successful implementations, processing 50,000+ policies and 30 million+ claims in the cloud. It features 130+ partner integrations and 2,600+ APIs to connect your entire ecosystem.
Boost your profitability and make smarter decisions.
Key features:
- Low-code configurability: Empowers your developers to implement changes and develop new insurance products rapidly, without needing to write extensive code.
- End-to-end capabilities: Covers every step of the insurance lifecycle, simplifying complexity with modern, intelligent, and humanized technology for your business.
- Global payments ecosystem access: Connects your business to collections and payouts worldwide, regardless of your existing IT infrastructure or finance processes.
Learn more about Duck Creek Technologies features, pricing, & alternatives →
Verdict: Duck Creek Technologies offers a robust, low-code SaaS solution specifically for P&C insurance, enabling rapid product development and enhanced customer experiences. With over 1,100 successful implementations and 50,000+ daily policy transactions, it stands out as a best insurance analytics software choice for driving profitability.
9. Sapiens
Struggling with fragmented data and slow insights in insurance?
Sapiens offers intelligent, AI-driven solutions like IDITSuite and CoreSuite to streamline your operations and accelerate product development.
You can quickly build new products and reduce time-to-market, solving the challenge of outdated reporting tools and slow claims analysis.
Let’s explore how Sapiens boosts your profitability.
Sapiens accelerates innovation, helping you achieve business goals with its comprehensive platform. Its AI-driven solutions are designed to automate processes and ensure you stay ahead in a competitive market.
You can expect sustained value and empowered growth through its integrated insurance platform for Property & Casualty or Life & Pensions. This means enhanced risk assessment and actionable analytics.
The platform provides the scalability and flexibility of the cloud, enabling efficient analysis of customer data and claims history. This supports smarter decision-making and helps you tackle regulatory compliance hurdles.
This solution provides a competitive edge through data-driven strategies.
Key features:
- AI-driven Solutions: Automate processes and gain a competitive edge by leveraging intelligent, future-proof analytics for enhanced decision-making and growth.
- Integrated Insurance Platform: Accelerate innovation and deliver sustained value with an open, comprehensive platform designed for Property & Casualty and Life & Pensions.
- Cloud Scalability and Flexibility: Achieve your business goals with the agility of the cloud, enabling quick adaptation and efficient management of insurance operations.
Learn more about Sapiens features, pricing, & alternatives →
Verdict: Sapiens offers intelligent, AI-driven solutions and a flexible cloud platform, making it a strong contender for the best insurance analytics software. Its focus on accelerating innovation, reducing time-to-market, and providing comprehensive platforms for P&C and L&P helps tackle fragmented data and compliance hurdles, ultimately boosting your profitability.
10. Zywave
Are your current insights falling short?
Zywave provides Loss Insight, a proprietary database with over 1 million verified loss events, and Market Basket for aggregated quoting data.
These capabilities directly address the pain points of fragmented data and outdated reporting, equipping you to make more profitable product creation and pricing decisions.
Unlock your performance multiplier.
Zywave tackles inefficiencies like manual data processing and slow claims analysis by integrating data, AI-powered automation, and ecosystem connectivity.
It offers specialized solutions across the entire insurance lifecycle, including underwriting risk and marketing, leveraging advanced analytics and AI trained on proprietary information.
You can utilize tools like ModMaster for powerful workers’ comp analysis and Commercial Analytics to uncover insights through benchmarking, ensuring enhanced risk assessment and supporting smarter decision-making.
Boost your business’s competitive edge.
While we’re discussing data, understanding customer database software is equally important for a holistic view.
Key features:
- Proprietary Loss Insight: Provides a database of over 1 million verified loss events, helping you understand risk and optimize product creation and pricing.
- AI-Powered Automation: Leverages advanced AI for streamlined workflows and autonomous processes across the insurance lifecycle, including rating and underwriting.
- Open API Architecture: Ensures seamless integration and standardized data sharing for cohesive operations and improved customer experiences.
Learn more about Zywave features, pricing, & alternatives →
Verdict: Zywave’s comprehensive suite, including its proprietary data and AI-powered automation, directly addresses challenges like fragmented data and slow analysis. With over 15,000 companies using their platform, it’s a strong contender for the best insurance analytics software, enhancing profitability and decision-making.
Conclusion
Turning data into profit is the goal.
I get it. Selecting the right software is tough when you’re battling fragmented data sources and slow, manual analysis, which ultimately leads to missed growth opportunities.
According to ActivTrak, there’s a 64% increase in productive session time for insurance employees. That means less time wasted on tedious tasks and more time focused on high-value analysis.
Here is what I recommend.
From everything I’ve reviewed, GoodData is my top pick for turning fragmented data sources into a single, powerful stream of insights.
What I love is how its Analytics Lake integrates everything, making complex analysis remarkably simple. The best insurance analytics software like this turns your raw data into actionable growth opportunities.
If you’re also optimizing operations, my article on best dry cleaning software covers solutions for specific industries.
I suggest you start a free trial of GoodData to see firsthand how it can transform your data into a true strategic asset.
You will gain a competitive edge.
