Most insurance companies do not have an enterprise-wide big data strategy despite the industry’s heavy reliance on access to accurate information. Insurance companies have been cited by numerous reports as being under threat from non-traditional competition due to their slow take-up of new technology.
According to research from business consultancy BearingPoint, 90% of insurance firms are yet to implement a company-wide big data strategy and risk being bypassed by new, more agile data aggregators taking advantage of the digital era.
According to the survey, big data is expected to have a significant impact on the industry, but insurance companies are unprepared.
Over two-thirds of companies surveyed by BearingPoint said big data had a highly important role in their future. The research revealed that 71% said big data will be a top priority by 2018, but less than quarter (24%) said their company’s big data maturity was advanced or leading, and only 33% have started a departmental or enterprise implementation process.
via Insurance industry slow to implement big data analytics.
