Big Data in the Insurance Industry 2018-2030 - Opportunities, Challenges, Strategies & Forecasts - ResearchAndMarkets.com
Aug. 07, 2018
DUBLIN--(BUSINESS WIRE)--Aug 7, 2018--The "Big Data in the Insurance Industry: 2018 - 2030 - Opportunities, Challenges, Strategies & Forecasts" report from SNS Telecom & IT has been added to ResearchAndMarkets.com's offering.
Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors. The insurance industry is no exception to this trend, where Big Data has found a host of applications ranging from targeted marketing and personalized products to usage-based insurance, efficient claims processing, proactive fraud detection and beyond.
This research estimates that Big Data investments in the insurance industry will account for more than $2.4 Billion in 2018 alone. Led by a plethora of business opportunities for insurers, reinsurers, insurance brokers, InsurTech specialists and other stakeholders, these investments are further expected to grow at a CAGR of approximately 14% over the next three years.
This report presents an in-depth assessment of Big Data in the insurance industry including key market drivers, challenges, investment potential, application areas, use cases, future roadmap, value chain, case studies, vendor profiles and strategies. The report also presents market size forecasts for Big Data hardware, software and professional services investments from 2018 through to 2030. The forecasts are segmented for 8 horizontal submarkets, 8 application areas, 9 use cases, 6 regions and 35 countries.
ScopeBig Data ecosystem Market drivers and barriers Enabling technologies, standardization and regulatory initiatives Big Data analytics and implementation models Business case, application areas and use cases in the insurance industry 20 case studies of Big Data investments by insurers, reinsurers, InsurTech specialists and other stakeholders in the insurance industry Future roadmap and value chain Profiles and strategies of over 270 leading and emerging Big Data ecosystem players Strategic recommendations for Big Data vendors and insurance industry stakeholders Market analysis and forecasts from 2018 till 2030
Key FindingsIn 2018, Big Data vendors will pocket more than $2.4 Billion from hardware, software and professional services revenues in the insurance industry. These investments are further expected to grow at a CAGR of approximately 14% over the next three years, eventually accounting for nearly $3.6 Billion by the end of 2021. Through the use of Big Data technologies, insurers and other stakeholders are beginning to exploit their data assets in a number of innovative ways ranging from targeted marketing and personalized products to usage-based insurance, efficient claims processing, proactive fraud detection and beyond. The growing adoption of Big Data technologies has brought about an array of benefits for insurers and other stakeholders. Based on feedback from insurers worldwide, these include but are not limited to an increase in access to insurance services by more than 30%, a reduction in policy administration workload by up to 50%, prediction of large loss claims with an accuracy of nearly 80%, cost savings in claims processing and management by 40-70%, accelerated processing of non-emergency insurance claims by a staggering 90%; and improvements in fraud detection rates by as much as 60%. In addition, Big Data technologies are playing a pivotal role in facilitating the adoption of on-demand insurance models - particularly in auto, life and health insurance, as well as the insurance of new and underinsured risks such as cyber crime.
Companies Featured in the Report1010data Absolutdata Accenture Actian Corporation Arity ARM ASF (Apache Software Foundation) Atidot AtScale Chartio China Life Insurance Company Cigna Cisco Systems Databricks Dataiku Glassbeam GNS Healthcare GoodData Corporation Google Grakn Labs Greenwave Systems GridGain Systems Guavus Luminoso Technologies Maana ODPi (Open Ecosystem of Big Data) OGC (Open Geospatial Consortium) OpenText Corporation Opera Solutions Optimal Plus Optum OptumLabs Zucchetti Zurich Insurance Group and many, many more...
List of Chapters
Chapter 1: Introduction
Chapter 2: An Overview of Big Data
Chapter 3: Big Data Analytics
Chapter 4: Business Case & Applications in the Insurance Industry
Chapter 5: Insurance Industry Case Studies
Chapter 6: Future Roadmap & Value Chain
Chapter 7: Standardization & Regulatory Initiatives
Chapter 8: Market Sizing & Forecasts
Chapter 9: Vendor Landscape
Chapter 10: Conclusion & Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/research/wf84gm/big_data_in_the?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180807005791/en/
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Related Topics:Big Data
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 08/07/2018 02:52 PM/DISC: 08/07/2018 02:52 PM