Rising Focus on Digitalization to Encourage growth of Big Data in Insurance Sector

Published Date : Feb 21, 2017

ALBANY, NY, Feb 21, 2017: A new market research study has recently been added by MarketResearchReports.biz to its vast collection of research reports. The 27-page research study, titled “The Rise of Big Data In Insurance,” offers a detailed reports and throws light on the key aspects that are likely to impact the growth of the insurance market in the next few years. In addition, the growth factors, current trends, opportunities, challenges, and the limitations in the market have been discussed at length in the research study. 

In the last few years, data has significantly altered the entire working of the insurance industry. With the help of data, companies operating in the insurance sector get easy access to information regarding consumers and further allow them to offer policies with rewards and fewer premiums. As a result, the global insurance market is expected to grow substantially with the rise of big data across the globe. The research study throws light on how further the insurance sector has come and which other factors are estimated to supplement the growth of the market in the near future. 

According to the research study, one of the major challenges for insurers in the globe market is to find out on how to make more money from the huge amounts of data, which they can easily access and to provide customers with several digital services. With the emergence of big data in the insurance sector, these limitations are anticipated to be resolved in the next few years. In addition, the growing awareness among leading players regarding the benefits of using big data solutions is expected to accelerate the growth of the insurance sector in the forecast period. 

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Several aspects such as hotel, entertainment, taxi, and travel services have already been digitalized in order to offer easy and quick access to consumers. As a result, Uber, eBay, Spotify, Airbnb, Amazon, and Netflix have made necessary changes and evolved in order to sustain in the competitive market and create a niche across the globe. Furthermore, insurers are making efforts to hold a large amount of data which is expected to give a significant rise to the number of cyberattacks across the globe. As data is comparatively expensive to store; however, the anticipated introduction of new EU data protection regulation by the end of 2018 is predicted to attract insurers to invest extensively in cybersecurity. 

As per the research study, the benefits of big data in the insurance sector are being deliberated at present. With the help of big data, the customers are expected to get policies for cheaper premiums, which is likely to encourage the growth of the overall market in the next few years. Furthermore, several other factors that are expected to fuel the growth of the big data in insurance market have been included in the scope of the research study in order to provide a clear and strong understanding to readers and market players in the next few years. 

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