Big Data in Insurance – Thematic Research
- Pages: 37
- Published: April 2021
- Report Code: GDIN-TR-S031
The COVID-19 pandemic hit investor confidence and halted business, which led to investments into big data declining, but it is a temporary decline and the theme remains critical to insurance.
This report reveals that the value and volume of investment deals in the analytics theme in insurance dropped in 2020 after reaching record highs in both categories in 2019. This was heavily influenced by COVID-19, with economies around the world grinding to a halt and investor confidence dropping to extremely low levels. However, Q1 2020 saw the second-highest number of deals completed on record (33) at that point, while Q4 2019 registered the second-highest total deal value on record at $960.1m.
Insurers have had most success in motor and health lines. Big data is present in every line of insurance, but these two lines have been adept at using data to track and improve consumer behavior.
Insurtechs have a role to play, but largely via partnerships. With a few exceptions it is largely technology companies partnering with insurers and improving their data collection, management, and analysis capabilities, as opposed to creating their own data-driven policies to compete with incumbent players.
Climate change will be big data’s most important long-term use. The biggest issue facing the insurance industry in the long term is the impact of climate change and the increasing number of severe weather events that come with it. The best way to monitor and reduce that is with insights from data built up from previous events.
Reasons to buy
Benchmark yourself against the rest of the market.
Ensure you remain competitive as new innovations and insurance models begin to enter the market.
Understand the impact the use of big data is having on the insurance industry.
Admiral, Ageas Aviva, AXA, Admiral, Neos, Floodflash, Google, Amazon, Ping An, Zhong An, Zego, Zurich, Metromile, VouchForMe, Lemonade, Root, By Miles, Oscar Health, YuLife, Zesty, Munich Re, Swiss Re, AIG, Tokio Marine
Table of Contents
| Our thematic research methodology
| About GlobalData
| Contact Us