A global pandemic, natural catastrophes, geopolitical risks, and macroeconomic risks, coupled with a recessionary market sentiment, have created an extremely uncertain environment for insurance enterprises. While Life and Annuity (L&A) insurers remain positive following the pandemic, inflation continues to be a looming threat for Property and Casualty (P&C) insurers globally.
Insurers across the board are looking for ways in which they can navigate these overarching challenges – divesting business units to focus on core competencies and geographies, consolidating vendor portfolios, and investing in digital transformation initiatives. As insurers navigate through this period of uncertainty, they need to tap into the vast data pools they possess to unlock value and succeed.
In this report, we estimate the economic value of data – the value that insurers globally can generate across growth and efficiency objectives by investing in data and analytics. Through data and analytics, insurers can achieve cost savings from increased operational efficiencies, reduce claims leakage and fraud expenses, and drive premium growth by unlocking higher sales efficiencies and rapid product innovation.
Domain: insurance IT services
Industry: insurance
Geography: global