Big Data in the Insurance Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts

Release Date: August 2018

Number of Pages: 500

Number of Tables and Figures: 98

Synopsis: “Big Data” originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. However, the scope of the term has significantly expanded over the years. Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.

Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors. The insurance industry is no exception to this trend, where Big Data has found a host of applications ranging from targeted marketing and personalized products to usage-based insurance, efficient claims processing, proactive fraud detection and beyond.

SNS Telecom & IT estimates that Big Data investments in the insurance industry will account for more than $2.4 Billion in 2018 alone. Led by a plethora of business opportunities for insurers, reinsurers, insurance brokers, InsurTech specialists and other stakeholders, these investments are further expected to grow at a CAGR of approximately 14% over the next three years.

The “Big Data in the Insurance Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of Big Data in the insurance industry including key market drivers, challenges, investment potential, application areas, use cases, future roadmap, value chain, case studies, vendor profiles and strategies. The report also presents market size forecasts for Big Data hardware, software and professional services investments from 2018 through to 2030. The forecasts are segmented for 8 horizontal submarkets, 8 application areas, 9 use cases, 6 regions and 35 countries.

The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report.

Sample Request:

For a Sample and Table of Contents please contact info@snstelecom.com

Pricing:

The report is available for the following price:

  • Single User License: USD 2,500
  • Company Wide License: USD 3,500

Key Findings:

The report has the following key findings:

  • In 2018, Big Data vendors will pocket more than $2.4 Billion from hardware, software and professional services revenues in the insurance industry. These investments are further expected to grow at a CAGR of approximately 14% over the next three years, eventually accounting for nearly $3.6 Billion by the end of 2021.
  • Through the use of Big Data technologies, insurers and other stakeholders are beginning to exploit their data assets in a number of innovative ways ranging from targeted marketing and personalized products to usage-based insurance, efficient claims processing, proactive fraud detection and beyond.
  • The growing adoption of Big Data technologies has brought about an array of benefits for insurers and other stakeholders. Based on feedback from insurers worldwide, these include but are not limited to an increase in access to insurance services by more than 30%, a reduction in policy administration workload by up to 50%, prediction of large loss claims with an accuracy of nearly 80%, cost savings in claims processing and management by 40-70%, accelerated processing of non-emergency insurance claims by a staggering 90%; and improvements in fraud detection rates by as much as 60%.
  • In addition, Big Data technologies are playing a pivotal role in facilitating the adoption of on-demand insurance models – particularly in auto, life and health insurance, as well as the insurance of new and underinsured risks such as cyber crime.

Topics Covered:

The report covers the following topics:

  • Big Data ecosystem
  • Market drivers and barriers
  • Enabling technologies, standardization and regulatory initiatives
  • Big Data analytics and implementation models
  • Business case, application areas and use cases in the insurance industry
  • 20 case studies of Big Data investments by insurers, reinsurers, InsurTech specialists and other stakeholders in the insurance industry
  • Future roadmap and value chain
  • Profiles and strategies of over 270 leading and emerging Big Data ecosystem players
  • Strategic recommendations for Big Data vendors and insurance industry stakeholders
  • Market analysis and forecasts from 2018 till 2030

Forecast Segmentation:

Market forecasts are provided for each of the following submarkets and their categories:

  • Hardware, Software & Professional Services
    • Hardware
    • Software
    • Professional Services
  • Horizontal Submarkets
    • Storage & Compute Infrastructure
    • Networking Infrastructure
    • Hadoop & Infrastructure Software
    • SQL
    • NoSQL
    • Analytic Platforms & Applications
    • Cloud Platforms
    • Professional Services
  • Application Areas
    • Auto Insurance
    • Property & Casualty Insurance
    • Life Insurance
    • Health Insurance
    • Multi-Line Insurance
    • Other Forms of Insurance
    • Reinsurance
    • Insurance Broking
  • Use Cases
    • Personalized & Targeted Marketing
    • Customer Service & Experience
    • Product Innovation & Development
    • Risk Awareness & Control
    • Policy Administration, Pricing & Underwriting
    • Claims Processing & Management
    • Fraud Detection & Prevention
    • Usage & Analytics-Based Insurance
    • Other Use Cases
  • Regional Markets
    • Asia Pacific
    • Eastern Europe
    • Latin & Central America
    • Middle East & Africa
    • North America
    • Western Europe
  • Country Markets
    • Argentina, Australia, Brazil, Canada, China, Czech Republic, Denmark, Finland, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Norway, Pakistan, Philippines, Poland, Qatar, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, UAE, UK, USA

Key Questions Answered:

The report provides answers to the following key questions:

  • How big is the Big Data opportunity in the insurance industry?
  • How is the market evolving by segment and region?
  • What will the market size be in 2021, and at what rate will it grow?
  • What trends, challenges and barriers are influencing its growth?
  • Who are the key Big Data software, hardware and services vendors, and what are their strategies?
  • How much are insurers, reinsurers, InsurTech specialists and other stakeholders investing in Big Data?
  • What opportunities exist for Big Data analytics in the insurance industry?
  • Which countries, application areas and use cases will see the highest percentage of Big Data investments in the insurance industry?

List of Companies Mentioned:

The following companies and organizations have been reviewed, discussed or mentioned in the report:

1010data

Absolutdata

Accenture

Actian Corporation

Adaptive Insights

Adobe Systems

Advizor Solutions

Aegon

AeroSpike

Aetna

AFS Technologies

Alation

Algorithmia

Allianz Group

Allstate Corporation

Alluxio

Alphabet

ALTEN

Alteryx

AMD (Advanced Micro Devices)

Anaconda

Apixio

Arcadia Data

Arimo

Arity

ARM

ASF (Apache Software Foundation)

Atidot

AtScale

Attivio

Attunity

Automated Insights

AVORA

AWS (Amazon Web Services)

AXA

Axiomatics

Ayasdi

BackOffice Associates

Basho Technologies

BCG (Boston Consulting Group)

Bedrock Data

BetterWorks

Big Panda

BigML

Birst

Bitam

Blue Medora

BlueData Software

BlueTalon

BMC Software

BOARD International

Booz Allen Hamilton

Boxever

CACI International

Cambridge Semantics

Cape Analytics

Capgemini

Cazena

Centrifuge Systems

CenturyLink

Chartio

China Life Insurance Company

Cigna

Cisco Systems

Civis Analytics

ClearStory Data

Cloudability

Cloudera

Cloudian

Clustrix

CognitiveScale

Collibra

Concirrus

Concurrent Technology

Confluent

Contexti

Couchbase

Crate.io

Cray

CSA (Cloud Security Alliance)

CSCC (Cloud Standards Customer Council)

Dai-ichi Life Holdings

Databricks

Dataiku

Datalytyx

Datameer

DataRobot

DataStax

Datawatch Corporation

Datos IO

DDN (DataDirect Networks)

Decisyon

Dell Technologies

Deloitte

Demandbase

Denodo Technologies

Dianomic Systems

Digital Reasoning Systems

Dimensional Insight

DMG (Data Mining Group)

Dolphin Enterprise Solutions Corporation

Domino Data Lab

Domo

Dremio

DriveScale

Druva

Dundas Data Visualization

DXC Technology

Elastic

Engineering Group (Engineering Ingegneria Informatica)

EnterpriseDB Corporation

eQ Technologic

ERGO Group

Ericsson

Erwin

EVŌ (Big Cloud Analytics)

EXASOL

EXL (ExlService Holdings)

Facebook

FICO (Fair Isaac Corporation)

Figure Eight

FogHorn Systems

Fractal Analytics

Franz

Fujitsu

Fuzzy Logix

Gainsight

GE (General Electric)

Generali Group

Glassbeam

GNS Healthcare

GoodData Corporation

Google

Grakn Labs

Greenwave Systems

GridGain Systems

Guavus

H2O.ai

Hanse Orga Group

HarperDB

HCL Technologies

Hedvig

Hitachi Vantara

Hortonworks

HPE (Hewlett Packard Enterprise)

Huawei

HVR

HyperScience

HyTrust

IBM Corporation

iDashboards

IDERA

IEC (International Electrotechnical Commission)

IEEE (Institute of Electrical and Electronics Engineers)

Ignite Technologies

Imanis Data

Impetus Technologies

INCITS (InterNational Committee for Information Technology Standards)

Incorta

InetSoft Technology Corporation

InfluxData

Infogix

Infor

Informatica

Information Builders

Infosys

Infoworks

Insightsoftware.com

InsightSquared

Intel Corporation

Interana

InterSystems Corporation

ISO (International Organization for Standardization)

ITU (International Telecommunication Union)

Jedox

Jethro

Jinfonet Software

JMDC Corporation

Juniper Networks

KALEAO

Keen IO

Kenko-Nenrei Shogaku Tanki Hoken

Keyrus

Kinetica

KNIME

Kognitio

Kyvos Insights

LeanXcale

Lexalytics

Lexmark International

Lightbend

Linux Foundation

Logi Analytics

Logical Clocks

Longview Solutions

Looker Data Sciences

LucidWorks

Luminoso Technologies

Maana

Manthan Software Services

MapD Technologies

MapR Technologies

MariaDB Corporation

MarkLogic Corporation

Mathworks

MEAG (Munich Ergo Asset Management)

Melissa

MemSQL

Metric Insights

MetroMile

Microsoft Corporation

MicroStrategy

Minitab

MongoDB

Mu Sigma

Munich Re

NEC Corporation

Neo First Life Insurance Company

Neo4j

NetApp

Nimbix

Nokia

Noritsu Koki

NTT Data Corporation

Numerify

NuoDB

NVIDIA Corporation

OASIS (Organization for the Advancement of Structured Information Standards)

Objectivity

Oblong Industries

ODaF (Open Data Foundation)

ODCA (Open Data Center Alliance)

ODPi (Open Ecosystem of Big Data)

OGC (Open Geospatial Consortium)

OpenText Corporation

Opera Solutions

Optimal Plus

Optum

OptumLabs

Oracle Corporation

Oscar Health

Palantir Technologies

Panasonic Corporation

Panorama Software

Paxata

Pepperdata

Phocas Software

Pivotal Software

Prognoz

Progress Software Corporation

Progressive Corporation

Provalis Research

Pure Storage

PwC (PricewaterhouseCoopers International)

Pyramid Analytics

Qlik

Qrama/Tengu

Quantum Corporation

Qubole

Rackspace

Radius Intelligence

RapidMiner

Recorded Future

Red Hat

Redis Labs

RedPoint Global

Reltio

RStudio

Rubrik

Ryft

Sailthru

Salesforce.com

Salient Management Company

Samsung Fire & Marine Insurance

Samsung Group

SAP

SAS Institute

ScaleOut Software

Seagate Technology

Sinequa

SiSense

Sizmek

SnapLogic

Snowflake Computing

Software AG

Splice Machine

Splunk

Strategy Companion Corporation

Stratio

Streamlio

StreamSets

Striim

Sumo Logic

Supermicro (Super Micro Computer)

Syncsort

SynerScope

SYNTASA

Tableau Software

Talend

Tamr

TARGIT

TCS (Tata Consultancy Services)

Teradata Corporation

Thales

ThoughtSpot

TIBCO Software

Tidemark

TM Forum

Toshiba Corporation

TPC (Transaction Processing Performance Council)

Transwarp

Trifacta

U.S. NIST (National Institute of Standards and Technology)

Unifi Software

UnitedHealth Group

Unravel Data

VANTIQ

Vecima Networks

VMware

VoltDB

W3C (World Wide Web Consortium)

WANdisco

Waterline Data

Western Digital Corporation

WhereScape

WiPro

Wolfram Research

Workday

Xplenty

Yellowfin BI

Yseop

Zendesk

Zoomdata

Zucchetti

Zurich Insurance Group