The entire insurance value chain is data driven, and the rising of big data has provided the industry with plenty of new opportunities. While how to realize the great values of big data asset through analytics is still a great challenge for insurers, and it requires solid data analytics capabilities in terms of strategy, people, process, data and technology.
Actuaries have been analyzing data and making predictions for centuries, while in the age of big data analytics strength must move beyond the actuarial department into the whole insurance value chain, such as marketing, underwriting, claims, customer services and etc.
The growing maturity of AI has enabled insurance analytics for better development and it will help insurers to maximize the values of their data asset and improve their overall business performance and profits.
The global insurance analytics market is expected to grow from $6.63 billion this year to $11.96 billion by 2023, at a compound annual growth rate of 12.5% during the period. Asia Pacific (APAC) market is expected to grow at the highest CAGR between 2018 and 2023, owing to the increased adoption of automation and huge opportunities across industries in the APAC countries.
While there are still a lot of challenges to overcome in order to transform into an analytics-driven insurance carrier with the adoption of AI in the age of omnipresent analytics.
Insurance Analytics & AI Innovation Asia Pacific 2019 is designed to be a must-attend annual gathering in Asia Pacific focusing on “insurance analytics and AI” for global and regional insurance industry players to share and discuss how data analytics and AI reshape the whole insurance value chain.