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

13 January 2016
Nicolas Michellod and Craig Beattie

Abstract

Celent evaluates the insurance industry’s progress in Big Data.

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.

“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.

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