Life insurers expect their usage of big data and predictive analyticsto increase dramatically during the next two years, according to a survey conductedby Willis Towers Watson Plc.
While 92% of respondents said their companies would begin analyzingbig data for some purpose in their operations during that time frame, 58% said theircompanies currently know little about the topic. Only 8% said they currently usebig data to inform their business decisions.
Nearly half of the insurers surveyed expect big data to transformthe life insurance business model in two years. In a separate question, half saidthat the availability of training, skills and capabilities in big data was the biggestchallenge to address before they could take advantage of big data.