Introduction
The insurance industry is grappling with increasing customer expectations, eroding margins & pricing pressures, an uncertain economy, and increasing regulatory requirements. Insurers are actively looking for opportunities to leverage the vast volumes of available data, both internal as well as from third-party sources, to come up with differentiated offerings and counter the industry headwinds.
At the same time, service providers are aggressively investing in enhancing their services/solutions portfolio with targeted offerings that leverage advanced data analytics techniques. There is an increasing trend of service providers strategically partnering with insurers in their analytics adoption journey, wherein they help the insurers to articulate benefits of adopting analytics across the insurance value-chain.
Primarily, the current investments are focused in the areas of customer intelligence, client retention, targeted marketing, fraud identification & prevention, Usage-based Insurance (UBI), risk management, and regulatory reporting. Service providers are organically and inorganically augmenting their capabilities in the domain via focused acquisitions, setting up labs and Centers of Excellence (CoEs) to demonstrate and evaluate proof-of-concepts, as well as forming alliances with leading big data and analytics product/platform vendors.
In this research, we analyze the capabilities of 14 leading technology service providers specific to big data and analytics services in the global insurance sector. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we focus on:
- Assessment of the service providers on a number of capability-related dimensions
- Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group big data and analytics services in insurance PEAK Matrix
- Implications for insurance buyers and service providers
SCOPE OF THE ANALYSIS
- Market trends and activity for big data and analytics services in insurance
- Big data and analytics services in insurance PEAK Matrix characteristics
- Big data and analytics services in insurance service provider characteristics
CONTENT
This report analyzes 14 leading technology service providers. The analysis includes:
- Trends in big data and analytics services in insurance and their implications for key stakeholders
- Everest Group Performance Experience Ability Knowledge (PEAK) Matrix for big data and analytics services in insurance
- Big data and analytics services in insurance PEAK Matrix characteristics
- Detailed one page profile of each service provider positioned on the PEAK Matrix
Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.
