Increasing the Adoption of Data and Analytics in Insurance

by Michael Fitzgerald, January 5, 2017
Industry Trends
North America


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.

In order to gain a detailed understanding of the needs of insurance professionals regarding data and analytics, Celent partnered with The Institutes’ Enterprise Research group to analyze survey response data from over 2,000 insurance company professionals.

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 CIOs surveyed state that investments in predictive analytics and business intelligence projects will be “significantly enhanced” next year.

However, investment is a necessary, but not a sufficient condition for success. Adoption is the key. Insurers and solution providers need to maximize adoption of data and analysis tools and techniques by meeting the needs of users in the core insurance roles of underwriter, claims adjuster, actuary, and agent.

Analytics and business intelligence are the number one and two areas of investment in the Celent 2017 insurance CIO study. There are gaps between interest in data and analytics and usage of these solutions in key insurance professionals. 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. Solution providers can use this information to guide product development and client engagement,” commented Fitzgerald.

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 based 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 a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary



Key Research Questions




Data Mastery


Survey Results



Survey Participants



Frequency of Use





Topics of Interest



Subject Areas





Going Forward


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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