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Big Data in the Insurance Industry 2018-2030 - Opportunities, Challenges, Strategies & Forecasts - ResearchAndMarkets.com

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The "Big
Data in the Insurance Industry: 2018 - 2030 - Opportunities, Challenges,
Strategies & Forecasts"
report from SNS Telecom & IT has
been added to ResearchAndMarkets.com's offering.

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.

This research 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.

Study Coverage

This 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.

Scope

  • 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

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.

Companies Featured in the Report

  • 1010data
  • Absolutdata
  • Accenture
  • Actian Corporation
  • Arity
  • ARM
  • ASF (Apache Software Foundation)
  • Atidot
  • AtScale
  • Chartio
  • China Life Insurance Company
  • Cigna
  • Cisco Systems
  • Databricks
  • Dataiku
  • Glassbeam
  • GNS Healthcare
  • GoodData Corporation
  • Google
  • Grakn Labs
  • Greenwave Systems
  • GridGain Systems
  • Guavus
  • Luminoso Technologies
  • Maana
  • ODPi (Open Ecosystem of Big Data)
  • OGC (Open Geospatial Consortium)
  • OpenText Corporation
  • Opera Solutions
  • Optimal Plus
  • Optum
  • OptumLabs
  • Zucchetti
  • Zurich Insurance Group
  • and many, many more...

List of Chapters

Chapter 1: Introduction

Chapter 2: An Overview of Big Data

Chapter 3: Big Data Analytics

Chapter 4: Business Case & Applications in the Insurance Industry

Chapter 5: Insurance Industry Case Studies

Chapter 6: Future Roadmap & Value Chain

Chapter 7: Standardization & Regulatory Initiatives

Chapter 8: Market Sizing & Forecasts

Chapter 9: Vendor Landscape

Chapter 10: Conclusion & Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/research/wf84gm/big_data_in_the?w=4

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