Increasing Usage Of Big Data By Global Insurers In The Insurance Providers Market (Companies Included: Unitedhealth Group, AXA, Allianz, Generali, Ping An)

The insurance providers industry comprises establishments engaged in underwriting (assuming the risk and assigning premiums) annuities and insurance policies. Insurance Providers invest premiums to build up a portfolio of...

The insurance providers industry comprises establishments engaged in underwriting (assuming the risk and assigning premiums) annuities and insurance policies. Insurance Providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are companies that are engaged in assuming all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier).

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The global insurance providers market has been growing in the past years with a CAGR of almost 4%. The year 2017 recorded high growth in this market with a net market value more than 13% higher than that of 2013, as per TBRC’s in-house consultants.

TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.

The report also shows the global insurance providers market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.

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Global insurers are in are using big data analytics to enhance their performance. Big data is being used in claim management, pricing, underwriting and risk selection among others. This growth is mainly driven by increasing points of contact including social media, which provides a bulk of data that can be transformed into insights and leveraged by insurers to efficiently execute the settlement process. Big data consists of high-volume, high-variety and high-velocity information, and benefits insurers in multiple ways such as faster identification and reporting of events, automatic claim assessment and calculation of loss reserves. According to a recent survey by Wills Towers Watson, more than 40% of property & casualty insurance firms are already using big data.

Companies included in the report are United health Group, AXA, Allianz, Generali, and Ping An.

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