Despite the growth in consumption and use of data, many organizations still struggle with their analytics efforts, complaining of poor data quality, insufficient expertise in-house and a shortage of trained data professionals in general.
Although global investments in insurtech increased to $1.7 billion in 2016 – doubling over the past two years – traditional insurers still lag behind their banking peers for collaborating with such startups to mutually beneficial ends
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.
Global revenue in the business intelligence (BI) and analytics software market will reach $18.3 billion in 2017, an increase of 7.3% from 2016, according to the latest forecast from Gartner Inc.
Big data and analytics are drawing eyes and dollars across the insurance industry, but some power users are seeking more support from the technology.