The developments in the field of big data analytics and Internet of Things (IoT) have opened doors for insurers. Even though insurers presently rely almost entirely on structured data like transaction data, strategic use of analytics on unstructured data such as text, voice, video, and images, will improve accuracy in analytics from the customer, underwriting, and risk assessment perspectives. Through data mining, raw data can be structured to identify patterns through mathematical and computational algorithms. Big data analytics can then be leveraged to make predictions about future events and thereby enable assessment of the potential risk involved in transactions. Additionally, leveraging IoT sensor data can enable unprecedented intelligence in analytics which would result in improved precision and accuracy through better contextualization of risk, augmented risk analysis, and real-time inputs about claims and frauds.
While the combination of data analytics and IoT is already revolutionizing the insurance landscape, other technologies such as virtual reality, NLP, and blockchain too hold massive potential for further disruptions. There are solutions providers in the market who are already experimenting with these combinations to help insurers make better decisions, bring more innovative products, enhance customer experience, and remain competitive in the dynamic insurance landscape.
Considering these facts, a distinguished selection panel comprising CEOs, CIOs, VCs, and the Insurance CIO Outlook’s editorial board has selected a list of the top insurance analytics solution providers that leverage innovative technologies and strategies to enhance today's insurance analytics solutions for providers and policyholders.
We present to you Insurance CIO Outlook’s "Top 10 Analytics Solution Providers - 2018"
