Insurers are finding big data brings the most significant business value in actuarial/product modeling, followed by underwriting and claims, according to “Analytics and Big Data at Insurers 2013,” a new report from Novarica, which also found the number of insurers invested in capturing, analyzing and gaining insight from big data is still relatively small.

“When it comes to big data, insurers are engaging in a limited manner, most commonly leveraging consumer, business and geospatial data for benefits in underwriting, actuarial and product development,” wrote Martina Conlon, author of the report and principal at Novarica.

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