Analytics and Big Data at Insurers: Current State and Expectations
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Big Data is refocusing attention on insurers’ data management and analytics capabilities. This report looks at the current and likely near future state of analytics capabilities at US insurers, as well as the early stages of preparing for the use of Big Data. It is based on results of a survey of 86 insurer CIO members of the Novarica Insurance Technology Research Council, conducted in April 2012.
While usage of analytics across various actuarial and financial areas is generally widespread, insurers are much less advanced in using analytics for optimizing operational areas like marketing, underwriting, or claims. But while large insurers are aggressively moving forward in deploying analytics across these and other areas, smaller insurers are lagging.
When it comes to Big Data areas like geospatial data, Internet clickstreams, audio data, social media content, mobile data, telematics, video data, and other, usage rates are still very low. And while few insurers have invested in the specialized infrastructure required to manage Big Data, a sizeable minority are planning to do so within 12 months.