Strategic Intelligence: Data Analytics in Insurance

Strategic Intelligence: Data Analytics in Insurance

Summary

This report provides an in-depth analysis of data analytics in the insurance market. It identifies key players within the industry and discusses what they have done well to set themselves apart. It also analyzes the investment that has gone into the theme within the insurance industry in recent years.

Big data is a key theme within the insurance industry. It is a facilitator theme and is central to the advancement of themes such as the Internet of Things (IoT), artificial intelligence, and cyber insurance, among others. Insurers hold vast amounts of data on consumers, businesses, and claims. The key is to utilize what they have collected into actionable and valuable insights. Those that have been able to do so the 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, with more IoT devices collecting data in real-time.

Scope

• The four main types of data analytics are descriptive, diagnostic, predictive, and prescriptive.
• In 2024, investment into data analytics in the insurance industry had recorded growth of 220% just by the end of September.
• GlobalData’s 2023 UK Insurance Consumer Survey found that of those who did not have any form of telematics motor insurance policy, 51.2% would be interested in getting one if they could save on their premiums.

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 that the use of big data is having on the insurance industry.