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.
Scope
Domain: insurance IT services
Industry: insurance
Geography: global
Contents
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
- Showcase the need for a platform-based operating model with a collapsed data supply chain that can enable insurers to transition into data-driven organizations
- List various services and technology providers across the data and analytics ecosystem that can help insurers to maximize the value from their data and analytics initiatives
- Provide estimates of the global insurance IT services outsourcing market, along with an analysis of the insurance IT services outsourcing market by line of business, region, and service sub-segment
Membership (s)
Insurance Information Technology
Sourcing and Vendor Management
