Big Data Application, Climate Change Key Challenges For Global Insurers

Last Thursday the major insurance industry players cited the big data application and climate change as the Key challenges for the sector’s future development during “The Insurance Summit”, held by the Economist in London.

Global insurers have acknowledged that actions should be taken to tackle the current low levels of digital maturity, according to EY, an accounting and advisory company.

In its global insurance digital survey report, EY said 79% of insurers responded they are “not setting the baseline” for digital or are “still learning.”

“The adoption of technology by consumers has rocketed. Our customers will deal with us very differently.” said Mark Wilson, CEO of Aviva Plc., in the opening Keynote speech of the Summit.

Mr. Wilson highlighted the age of technological disruption, geographic shifting of wealth, the use of big data, demographic and health changes and new regulation requirement as the 5 main changes in the insurance industry.

By citing the forecasting figures from Intel, he said by Y 2015, there will be 3-B people online and 8 zettabytes of data amount will created and shared. ”Data is the fuel in the tank of insurance,” he said.

Andrew Kendrick, president at ACE European Group, also said:” Data use is exploding in our more global, more connected world, and frankly, the industry is struggling to get its head around it.”

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