It is estimated that global insurer IT spending has reached USD 220 billion in 2019 and 8-10% (USD 18-22 billion) has been outlaid on data and analytics. Big data, analytics and AI have been the most widely invested and important technologies in insurance industry.
Although still at it early stage, the global insurance analytics market is expected to grow fast. 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.
There is a rapidly developing environment with respect to the use of big data and data analytics in the Asia Pacific region. Insurers and regulators in the region have an awareness of and appreciation for the potential benefits of big data and data analytics. Many insurers in the region are actively invested in the adoption of the new technologies.
As the best-attended and most-welcomed insurance analytics and AI event in the region, the 2nd Insurance Analytics & AI Innovation Asia Pacific 2020 is 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 entire insurance value chain.