Big data is already a key theme within the insurance industry. Insurers hold vast amounts of data on consumers, businesses, and claims. The key has been to utilize what they have collected into actionable and valuable insights. Those that have been able to do that best have had the most success in reducing claims and saving themselves and customers money. The potential for growth in this theme is endless as the world constantly becomes more connected, and more Internet of Things devices are collecting data in real-time.
This report provides an in-depth analysis of big data in the insurance market. It identifies key players within the space and discusses what they have done well to set themselves apart. It also analyzes the investments made in this theme in recent years.
- Insurers have had most success in motor and health lines. Big data is present in every line of insurance, but these two lines have been adept at using data to track and improve consumer behavior.
- Insurtechs have a role to play, but largely via partnerships. With a few exceptions it is largely technology companies partnering with insurers and improving their data collection, management, and analysis capabilities, as opposed to creating their own data-driven policies to compete with incumbent players.
- Climate change will be big data’s most important long-term use. The biggest issue facing the insurance industry in the long term is the impact of climate change and the increasing number of severe weather events that come with it. The best way to monitor and reduce that is with insights from data built up from previous events.
Reasons To Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Understand the impact the use of big data is having on the insurance industry.