Increasing the Adoption of Data and Analytics in Insurance

by Michael Fitzgerald, January 5, 2017
Industry Trends
North America

Abstract

Celent has released a new report titled Increasing the Adoption of Data and Analytics in Insurance. The report was written by Michael Fitzgerald, a Senior Analyst with Celent's Insurance practice.

In order to gain a detailed understanding of the needs of insurance professionals regarding data and analytics, Celent partnered with The Institutes’ Enterprise Research group to analyze survey response data from over 2,000 insurance company professionals.

A growing number of insurers are looking for solutions that help them make better decisions. Data and analytics are key enablers. Over half of insurance CIOs surveyed state that investments in predictive analytics and business intelligence projects will be “significantly enhanced” next year.

However, investment is a necessary, but not a sufficient condition for success. Adoption is the key. Insurers and solution providers need to maximize adoption of data and analysis tools and techniques by meeting the needs of users in the core insurance roles of underwriter, claims adjuster, actuary, and agent.

Analytics and business intelligence are the number one and two areas of investment in the Celent 2017 insurance CIO study. There are gaps between interest in data and analytics and usage of these solutions in key insurance professionals. Practical, industry-specific topics and accessible educational materials will increase adoption and return on investments.

“Insurers investing in data and analytics solutions will find practical direction in the analysis of this survey data. Solution providers can use this information to guide product development and client engagement,” commented Fitzgerald.

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].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

3

Data Mastery

6

Survey Results

8

 

Survey Participants

8

 

Frequency of Use

8

 

Interest

10

Topics of Interest

16

 

Subject Areas

16

 

Topics

16

Going Forward

19

Leveraging Celent’s Expertise

21

 

Support for Financial Institutions

21

 

Support for Vendors

21

Related Celent Research

22

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