Increasing the Adoption of Data and Analytics In Insurance

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Celent has released a new report titled Increasing the Adoption of Data and Analytics In Insurance. The report was written by Michael Fitzgerald, a Senior Analyst with Celent's Insurance practice.

Celent has released a new report titled Increasing the Adoption of Data and Analytics In Insurance. The report was written by Michael Fitzgerald, a Senior Analyst with Celent's Insurance practice.

To gain a detailed understanding of the needs of insurance professionals regarding data and analytics, Celent collaborated with The Institutes, the risk management and insurance industry’s leading provider of professional development offerings, including the Chartered Property Casualty Underwriter (CPCU®) designation program, to analyze survey response data from over 2,000 insurance company professionals. Michael Fitzgerald, a senior analyst with Celent's insurance practice, wrote the report.

Survey results showed that a growing number of insurers are looking for solutions that help them make better decisions. Data and analytics are key enablers. Over half of insurance chief officers (CIOs) surveyed for the report state that investments in predictive analytics and business intelligence projects will be “significantly enhanced” next year.

Increasing the Adoption reveals that investment is a necessary but not sufficient condition for success. Adoption is the key, with insurers and solution providers needing to maximize adoption of data and analysis tools and techniques. They can do this by meeting the needs of users in the core insurance roles of underwriter, claims adjuster, actuary, and agent.

“Within the insurance industry, the big data revolution is already underway,” said Suzanne Kinsler, MBA, research analyst at The Institutes and author of The Institutes’ survey. “Organizations have a responsibility to invest in and support employee knowledge and training in analyzing big data and modeling outcomes, not only to bridge traditional insurance practices and data science, but also to keep up with their competitors.”

Analytics and business intelligence are the number one and two areas of investment in the Celent 2017 insurance CIO report, which finds gaps between interest in data and analytics and usage of these solutions by key insurance professionals. This suggests that practical, industry-specific topics and accessible educational materials will increase adoption and return on investments.

“Insurers investing in data and analytics solutions will find practical direction in the analysis of this survey data,” Fitzgerald said. “Solution providers can use this information to guide product development and client engagement.”

About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

About The Institutes | Risk and Insurance Knowledge Group
As the industry’s trusted and respected knowledge leader, The Institutes are committed to meeting the evolving professional development needs of the risk management and insurance industry. We prepare people to fulfill their professional and ethical responsibilities by offering innovative educational research, networking, and career resources. Our offerings include the Chartered Property Casualty Underwriter (CPCU®) designation program, associate designation programs, introductory and foundation programs, online courses, continuing education courses, leadership education, custom solutions and assessment tools.

CPCU is a registered trademark of The Institutes. All rights reserved.

Celent Media Contacts
New York – Michele Pace
mpace(at)celent.com
Tel: +1.212.345.1366

London – Chris Williams
cwilliams(at)celent.com
Tel: +44 (0)782 448 3336
Tokyo – Yumi Nagaoka
ynagaoka@celent.com

The Institutes Media Contact
Meghan Richter
richter(at)TheInstitutes.org
Tel: 610-644-2100, ext. 7851

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Meghan Richter
The Institutes
+1 (610) 644-2100 Ext: 7851
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