Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers. This report, sponsored by SAP, reveals how insurers have increasingly moved towards a stronger consumer orientation in the age of e-commerce. Insurers’ efforts to meet expectations set by other industries have also accelerated with the advent of smart devices and anytime/anywhere computing. Combined with advances in data processing, the proliferation of these and other devices has enabled vastly expanded sharing, collection and analysis of data.
Date Published: October 13th 2014
Why read this report
- Insurers have had to rethink not only the value of internal and customer data but also the very concept of privacy, as insurers are able to offer discounts for customer information.
- As insurers strive to keep up with changing expectations of consumers, distributors and their own associates, new sources of data and analytics are driving the ability for insurers to evaluate, price and underwrite risks more precisely.
- The ever-increasing reach and influence of the Internet are also spurring new distribution relationships and enabling insurance product and service innovation.