Big Data Permanently Changing Insurance

This Week in Analytics: News

Large, Tech-Savvy Insurers Will Excel With Big Data; Smaller Carriers Face Struggles, Big data and analytics see double-digit growth through 2020, Four ways digital can help combat insurance fraud, Fraud is not a cost of doing business — and emerging tech is here to prove it, Learning not to over-think predictive analytics

Large, Tech-Savvy Insurers Will Excel With Big Data; Smaller Carriers Face Struggles

The insurers that will best incorporate data analytics into their daily operations have multinational scale and are already technology savvy in their underwriting practices, Fitch ratings concluded in a new report. Read the full article…

Big data and analytics see double-digit growth through 2020

Worldwide revenues for big data and business analytics will reach $150.8 billion in 2017, an increase of 12 percent over 2016, according to a report from International Data Corp. Read the full article…

Four ways digital can help combat insurance fraud

Fraud rings targeting the insurance industry are getting more sophisticated, but there is hope for carriers in the form of digital. That’s the message of a Strategy Meets Action research brief, “Fighting Fraud with Advanced Technology: Detection, Mitigation, and Prevention,” authored by SMA principal Karen Pauli. Read the full article…

Fraud is not a cost of doing business — and emerging tech is here to prove it

Fraud has long been a significant problem for the insurance industry — actually since the very beginning of insurance at Lloyd’s coffee house. The Coalition Against Insurance Fraud indicates that 5-10 percent of claims costs are related to fraud, with over 30 percent of insurers reporting as much as 20 percent of claims costs being related to fraud. Read the full article…

Learning not to over-think predictive analytics

The predictive analytics and machine learning markets are projected to grow at a rate of 15 percent annually through 2021, yet many organizations fail to reap full benefits from their investments. The problem is often that the organization makes the process too complicated. Read the full article…