Big data a $2.4 billion opportunity for insurance industry – report
Compiled by Insurance24
Big data investments in the insurance industry are expected to account for more than $2.4 billion by the end of 2018, according to new data from market research and consulting firm SNS Telecom & IT.
Originally used to describe data sets whose size was beyond the ability of traditional databases, “big data” has expanded over the years to refer to not only the data itself, but technologies that capture, store, manage and analyze it to solve complex problems.
According to SNS Telecom & IT, the insurance industry has found a host of applications for big data, from targeted marketing and personalized products to usage-based insurance, more efficient claims processing and proactive fraud detection.
SNS Telecom & IT estimated that big data investments in the insurance space will hit $2.4 billion this year alone. With opportunities for insurtech specialists, insurers, reinsurers, insurance brokers and other stakeholders, big data investments are projected to grow at a compound annual growth rate of around 14% for the next three years, the company said.
Constantia Life and Health Assurance Company Limited chooses SilverBridge as solutions provider
HARARE, Constantia Life and Health (CLAH) has contracted SilverBridge Holdings to provide them with a solution to assist with the distribution and administration of its new group life product. This new partnership brings with it the opportunity for SilverBridge to deliver an end-to-end outsourced business operations solution that supports the growth strategy of CLAH.
The Web-based solution accommodates a variety of channels from Online to Broker Network. Broker Network provides the intermediary channel with the ability to create and refer leads, complete group scheme quotations, and onboard new business using a single platform that is fully integrated into the policy administration system (PAS).
The outsourced solution supports straight-through processing (STP) between the Web front-end and the PAS. This facilitates the complete insurance group scheme process at all the touch points throughout the group scheme policy life cycle.
“InBiz Group Life” is a product developed by Constantia to cater for Small Medium Enterprises (SMEs) seeking to access business assurance solutions that protect their businesses from business interruptive risks. Given the short implementation timeframes, the business wanted to partner with a provider that could tick all the boxes as a one-stop shop for system and administration capabilities,” says Riaan Cloete, the newly appointed Senior Manager for Life Operations at CLAH.
“We felt that SilverBridge was best placed to assist us with our strategic objectives within this new distribution channel that brings short-term and long-term intermediaries together with a common growth objective by leveraging off one another,” he says.
“The success of this partnership is a combination of continuous client engagement with CLAH, our deep understanding of their business needs, our people-centric approach, and the ability to demonstrate our solution capabilities. This saw us differentiating ourselves from our competitors and securing the contract,” says Angelique Strumpher, Administration Manager for Outsourced Solutions at SilverBridge.
The outsourced services provided include the enablement and support of the lead management and Web quotation solution, electronic and automated policy administration services, provisioning electronic fulfilment to intermediaries and group scheme administrators. and the provision of monthly reports.
“We are excited about the sales opportunities that the Group Life product underwritten by GenRe will provide. Partnering with SilverBridge enables us to focus on our core strategy while they assist us with the solutions needed to fulfil our vision,” says Simon Seripe, Senior Manager for Life and Funeral Benefits at CLAH.
