More than a quarter of insurers have decided that big data “doesn’t apply” to them in 2015, according to the “Hot Topics for Insurers: Social, Mobile, Analytics, Big Data, Cloud, and Digital,” survey from Novarica. Further, 41 percent said they are still trying to understand the value of big data.
“Hot topics” likely are more discussed than they are understood, Novarica said. However, the listed ones rapidly are becoming table stakes for insurers, and could disrupt carriers’ operating models. That means establishing a business case may be less important going forward. Fewer than 20 percent of respondents to the survey said they had calculated hard returns on investment in any of the “Hot Topic” areas, but many more said they had an intrinsic understanding of the value of those investments.
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