Insurance Players Increasingly Utilize Big Data, Says Timetric in Its Report Available at MarketPublishers.com13 Feb 2017 • by Natalie Aster
LONDON – The wearable technology is increasingly gaining traction in the insurance industry. At present, large players offer customers different benefits (e.g. cheaper premiums and reward schemes) in exchange for their personal data which can be obtained with the help of wearable devices. When it comes to the wearable device market, it should be noted that is growing swiftly and its value is set to almost reach USD 13 billion in 2018.
Yet, wearables face some challenges in the insurance space. Entrenched IT systems and issues related to attracting innovative talent are some of these challenges. Cyber security issues and concerns over benefits offered by Big Data also challenge the growth.
The health and motor lines lead this space, and property is the second in this race. Still, life and pension segments are harder to adopt the new solutions.
Cutting-edge research report “The Rise of Big Data in Insurance” elaborated by Timetric presents an up-close look at the Big Data usage and opportunities in the insurance industry. The study starts with an all-round overview of the industry: it covers all segments of the industry.
It proceeds with a discussion of monetization and coverage of products. The report discusses cyber security issues. The research study throws light on challenges and the regulatory landscape.
Companies mentioned in the report comprise: Nest Labs, Netflix, Uber, Aviva, FitSense, Vitalty, and more.
Reasons to Buy:
- find out the state of the Big Data employment in the insurance industry;
- see which forces encourage the use of Big Data in this field and challenge it;
- learn how Big Data impacts the industry and how far insurers are ready to go;
- keep abreast of the regulatory changes and their impact on the space;
- get access to valuable examples of how startups and large companies use Big Data.
More insightful reports by Timetric are available at its page.