2025 Salary Survey & Market Insights Report
18 Feb, 2025
From being well connected within this space and having some great meetings over the last 4-6 weeks with various contacts within the market I have drawn some interesting takeaways which I wanted to share to my wider network (Please see the below article).
The insurance market is currently undergoing a big shift, largely driven by technological advancements and the increased availability of data. As insurers adapt to a rapidly changing landscape, understanding the current technology data trends is crucial for staying competitive.
Big Data Analytics: In an era where data is abundant, big data analytics is transforming how insurers operate. By harnessing structured and unstructured data insurers can gain deep insights into customer needs and market trends.
Predictive and Prescriptive Analytics: Predictive analytics is becoming a critical tool for insurers, allowing them to anticipate customer behaviour and identify potential risks before they materialize. Meanwhile, prescriptive analytics takes this a step further by recommending actions based on data insights.
Cloud Computing: Cloud technology provides scalable data storage and processing capabilities, allowing insurers to manage large datasets efficiently.
Data Consumption: Data is such a valuable asset and it is important for businesses to effectively navigate their data as a tool to allow them to present findings to leadership to enable more intelligent decisions.
Data Culture: Data culture is quite an immature subject in the insurance industry and often an area that is often being delivered in part or unofficially. We are seeing businesses within their data office primarily within Data Governance set up dedicated data culture programmes.
