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

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

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28 July 2016
Neil Katkov
Nicolas Michellod

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.

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