Building an Analytic Culture

The winds of change are ruffling the insurance industry as senior business and IT leaders have committed to remaking their business with big data and analytics and becoming truly data driven organizations.

INN Breaking News, May 23, 2014

Jim Ericson

Call it confidence or call it an executive mandate, but the arguments have ended and the verdict has come in on the role of analytics and big data. Eighty-three percent of all P&C insurers plan to increase spending on data and analytics over the next three years, according to data from insurance-focused strategic advisory firm Strategy Meets Action. At a time when IT budgets among insurers barely budge, 43 percent of the same group plan to increase data/analytic spending by at least 6 percent per year and almost one in five plan annual increases of 10 percent or more.

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