Tackling the Big Data Challenges in Global Insurance: Differences Across Continents and Use Cases

by Nicolas Michellod,  Neil Katkov, PhD, July 29, 2016
Industry Trends
Asia-Pacific, EMEA, Latin America, North America

Abstract

Deriving valuable information from data collected remains a challenge for many insurers. In today’s environment insurers have to capture the strategic value of various sorts of data, requiring investment in Big Data technologies.

 

While insurers have still to find ways to better leverage internal data, they have to imagine a world where consumer data is not directly captured from their internal designed processes. The challenge is huge, and so are the opportunities.

This report provides the results of our recent Big Data survey, with focus on differences across four regions (Asia-Pacific, Europe, Middle East, and Africa [EMEA], Latin America, and North America). It also describes some best practice examples Celent has gathered in the frame of its Model Insurer program over the last few years.

“While adoption of Big Data technologies appears more widespread in North America, some market-leading firms are already demonstrating advanced value from Big Data in Asia-Pacific, Latin America, and EMEA,” says Neil Katkov, PhD, Senior Vice President, Asia for Celent and coauthor of the report.

“The use cases presented in this report validate our predictions that insurers will increasingly invest in technologies allowing them to combine all sorts of data to make more informed business decisions.” adds Nicolas Michellod, Senior Analyst in Insurance and coauthor of the report.

This 28-page report contains 12 figures and two tables.

 

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 a wholly-owned operating unit 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

About the Survey

3

 

Survey Participants

3

Data Challenges

6

 

Ranking Difficulties to Deal with Data

6

 

How MetLife Tackled the Data Challenges

8

People and Tools to Look at Data

10

 

Same People Look at Data

10

 

Almost the Same Tools to Look at Data

10

 

MarkerStudy’s Use of Big Data Technologies

11

Attitudes to and Benefits of Data

13

 

Perceived Importance of Data Sources

13

 

Integration Preferences

13

 

Generali Switzerland Leveraging External Data Sources to Increase Market Visibility

14

Competitors’ Positioning and Customers’ Perception

16

 

Perceived Position of Competitors

16

 

Perceived Customers’ Expectations

17

 

Calculating NPS at Aegon Life Insurance Company

18

Investments in Data-Related Technologies

20

 

Definition of Data-Related Technologies

20

 

Technology Investments

21

 

Investment Approaches

23

 

Top Priorities Using Big Data Infrastructure

24

 

Using Big Data to Understand Customers at Taikang Life

25

Final Thoughts

26

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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