Just 13 percent of insurers said their company’s enterprisewide data management was considered a significant strength, and 19 percent said they are confident in their company’s multi-asset risk tools, according to State Street’s report, “Rethinking The Risk Business Data And Analytics In The Insurance Industry.”
Investment in data and analytics amongst insurers is expected to grow, according to a report from State Street, providers of financial services to institutional investors. Of the 400 institutional investors surveyed, 67 of whom work for insurance companies, 81 percent said they intend to increase spending on data initiatives, such as risk and performance, portfolio optimization and order management. And, 82 percent said data and analytics are a strategic priority. In addition, State Street said it has seed a three-fold increase in the number of insurance clients increasing investments in data-driven risk solutions in 2013.
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