Big Data in Insurance: Insurer Priorities, Projects, and Investment Plans for 2014 and Beyond

Author(s):

Mark A. Breading, Partner

Denise Garth, Partner

Publication Date:

September 10, 2014

Number of Pages:

31

Price:

$1,495.00 USD

Big data is clearly a hot topic in insurance, but how far along is the industry in capitalizing on this technology approach? This SMA research report evaluates the current state of big data in the insurance industry and insurers’ plans for specific projects and investments through 2016. The report identifies the top projects for major business areas for both property/casualty and life/annuity insurers in North America.

Big Data in Insurance: Insurer Priorities, Projects, and Investment Plans for 2014 and Beyond answers the following questions: 

• What is the current adoption level for big data?
• Which business areas and specific types of projects are receiving the most investments by insurers in 2014? How do those plans change through 2016?
• Which traditional and new data sources are being analyzed to address business issues in key business areas?
• What are the biggest challenges faced by insurers in implementing big data?
• Which actions should insurers consider to capitalize on the power of big data?
• How can solution providers assist insurers in moving forward with big data?
• What are SMA’s predictions about big data in insurance in the future?  

 Figure 1 highlights the dramatic increase in the percentage of insurers now investing in big data initiatives.