Bigger Data: A Look at How Far Insurers Have Moved to Take Advantage of Opportunities

Celent evaluates the insurance industry’s progress in Big Data

New York, NY (Jan. 18, 2016) – The topics of artificial intelligence, machine learning, deep learning, and cognitive computing have made their way into the popular business press. An insurance professional trying to stay informed of emerging technology may struggle to see the application of these technologies to their industry.

A new Celent report, Machine Intelligence in Insurance: Designing the Aware Machine, provides an explanation of this space and its opportunities in insurance.

Key research questions:

  • What are the major data challenges insurers face?
  • What technologies do insurers invest in?
  • Where and how do insurers need to improve?

In 2013, Celent published a report titled Perceptions and Misconceptions of Big Data in Insurance, which evaluated the industry’s appetite and state of investment in Big Data. In this report,

Celent revisits the adoption model to capture the progress the industry has made.

Teams currently looking at data in your organization (2013)

“There has been a strong increase in insurers employing people with advanced degrees, like PhDs, and solid knowledge of sophisticated tools including machine learning and predictive analytics techniques,” says Nicolas Michellod, a senior analyst with Celent’s Insurance practice and coauthor of the report.

“The greatest shift has been the perceived value or benefit of data. Consistent with what Celent is hearing anecdotally, even small data projects are demonstrating value and generally creating greater appetite for more information,” says Craig Beattie, a senior analyst with Celent’s Insurance practice and coauthor of the report.

This report provides results of a 2015 survey about insurers’ appetite and state of investment in Big Data and compares them with a similar survey conducted in 2013.

This report contains 15 figures and four tables. Purchase the report from Celent.

About Celent

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).

Source: Celent