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Why the insurance industry needs more data scientists

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22 October 2015
Nicolas Michellod
Celent will soon be publishing an update to our 2013 report Perceptions and Misconceptions of Big Data in Insurance. In this report we looked at various elements in relation to the role and perception of data in insurance to understand where the industry was in terms of adoption of data-related technologies and more particularly Big Data. To do so we used what we call our Big Data Maturity Model. This model uses seven dimensions to categorize the industry in terms of their maturity level when it comes to adopting Big Data: Figure 1 big data We came across an interesting article recently in the Insurance Journal that said insurers needed to hire more Big Data professionals. While we agree with this statement, we have already noticed in the early results of our 2015 survey (still in progress) that insurers have now more data scientist experts as shown in the following figure: Figure 2 data tools Technology is not enough and insurers have understood that if they want to make the most of data-related technologies they need to hire highly skilled people with solid knowledge of machine learning, statistics and predictive analytics. This is an interesting early finding and we look forward to provide our members with more on our seven model dimensions soon. Stay tuned!

Comments

  • […] quarter of last year around the role and importance of data in insurance. My blog post can be found here. Since then we have published a report summarizing the findings of this survey that our members can […]

  • I would add to the technology is not enough for Big Data comment that domain expertise is also a critical part of leveraging big data within insurance domain. Many big data teams cannot just rest on laurels of technology, platform, stats. Adding the dimension of domain is a key in my experience to finding the problem big data answers are trying to solve.

    Good Maturity Model definition