According to the FnF research report, Global Insurance Analytics market is expected to grow at a CAGR of 14.05% and is anticipated to reach around USD 16.74 Billion by 2026. Analytics supports insurers by providing data and smart knowledge about life insurance.
According to a recent report,by IDC technologies the BFSI sector contributed 35.6 percent of the analytics revenues, the largest contribution after IT, followed by marketing at 25.8 percent and e-commerce at 14.4 per cent.
The chief economic adviser (CEA) to the government, Krishnamurthy V Subramanian, urged non-banking financial companies (NBFCs) to lend as there was a huge opportunity. He also said that the use of technology, especially data analytics, artificial intelligence (AI) and machine learning could help improve the quality of assets.
India’s diversified BFSI sector has undergone massive expansion and continues to play a crucial role in driving the Indian economy. With the highest FinTech adoption rate of 87%, which is significantly higher than the global average of 64%, India is the third largest FinTech market globally As a result, leading Indian BFSI enterprises are now placing a higher priority on legacy modernization (with 23% of IT spend for digitization) and BFSI models of the future.
Some more highlights on few of the areas in analytics basis a report by Gartner on 100 Data and Analytics Predictions Through 2024:
Artificial Intelligence – By 2023, more than 50% of all data analysis by deep neural networks (DNNs) will be at the point of capture in an edge system, which is a significant increase from less than 5% in 2019. By 2023, cloud-based AI will increase 5x from 2019, making AI one of the top cloud services. Through 2023, the ML engineer will be the fastest growing role in the AI/ML space, with open positions for ML engineers half (50%) that of data scientists, up from less than 10% in 2019.
Data Management and Infrastructure –By 2023, intercloud and hybrid environments will realign from primarily managing data stores to integration — reconfiguring $60 billion annual spend for staffing and funding. By 2023, 25% of organizations will embrace a data and analytics solution from a single cloud provider for reduced overall costs. By 2022, 60% of organizations will leverage machine-learning-enabled data quality technology for suggestions to reduce manual tasks for data quality improvement.