Insurance Analytics Statistics 2023
– Everything You Need to Know

Insurance Analytics Statistics 2023: Facts about Insurance Analytics outlines the context of what’s happening in the tech world.

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Top Insurance Analytics Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Insurance Analytics Statistics on this page 🙂

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Insurance Analytics “Latest” Statistics

• 5% of patients, according to the National Academy of Medicine, account for close to 50% of all healthcare expenditures.^[1]
• In 2 years, the usage of claim management may rise from 10% to 40% for individual life and from 37% to 87% for group life.^[1]
• The data for predictive analytics to calculate individual life policies are as follows: 70% large carriers, 50% midsize carriers, and 54% small carriers.^[1]
• In a study by Willis Towers Watson, it was discovered that life insurers using predictive analytics reported a 67% decrease in costs and a 60% rise in revenues.^[1]
• In two years, the usage of mortality and morbidity risk may rise from 19% to 56% for group life and from 23% to 75% for individual life.^[1]
• Companies with an enterprisewide analytics strategy in place see an average yearly revenue increase of more than 7%, according to research by Cisco Systems.^[1]
• The Apache Hadoop framework was either being used or was being considered for use by 45% of major life insurance companies, 50% of midsize carriers, and 29% of small carriers for handling big data.^[1]
• As of September 20, 2018, 82% of major life insurers and 50% of midrange and small carriers were utilizing or considering adopting cloud-based platforms for their big data requirements, according to a poll by Willis Towers Watson.^[1]
• Fraudulent activities account for 5-10% of insurance companies’ claim expenses in the US and Canada.^[2]
• About 60% of Americans believe that social media has made it simpler for customers to get answers and get issues resolved.^[2]
• A 2020 Triple-I Consumer poll found that a record high 27% of homeowners claimed they had flood insurance, which is higher than NFIP forecasts.^[3]
• According to the US Department of Interior, up to 90% of wildland fires in the US are started by humans.^[4]
• By the end of 2022, insurance companies plan to spend up to US $56.97 billion, according to the most recent study.^[5]
• According to research, data deployment improves access to insurance services by 30%.^[5]
• The insured bears a greater part of the damage if the insured fails to maintain the amount stipulated in the clause, typically at least 80%.[1]
• 90% of the anticipated monthly claims, for example, are self-funded by the employer, and the insurance covers the other 10%.[1]
• According to ACS data, from 6.94M in 2019 to 7.04m in 2020, the number of persons working in the finance & insurance industry subsector has increased at a pace of 1.42%.[2]
• Composition by sex, the finance & insurance industry subsector employs 56.8% of women, making them the most prevalent sex in the workforce.[2]
• 10.7% of employment in finance and insurance is occupied by financial managers, which are followed by insurance salespeople (7.1%).[2]
• The Finance and Insurance industry anticipated a 10-year production growth rate of 15.2% is less than the expected 24 .2% national output growth rate.[2]
• Less than the average rate of employment growth in the country, which is 7.66%, is predicted for this industry’s growth.[2]
• Compared to the 73% increase between 2000 and 2010, the average annual rise in medicare expenditure per beneficiary between 2010 and 2018 was merely 17%.[3]

Also Read

Reference

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1. maryville – https://online.maryville.edu/blog/predictive-analytics-in-insurance/
2. duckcreek – https://www.duckcreek.com/blog/predictive-analyitics-reshaping-insurance-industry/
3. iii – https://www.iii.org/fact-statistic/facts-statistics-flood-insurance
4. iii – https://www.iii.org/fact-statistic/facts-statistics-wildfires
5. virtueanalytics – https://www.virtueanalytics.com/data-analytics-in-the-insurance-industry/
6. theinstitutes – https://web.theinstitutes.org/designations/associate-insurance-data-analytics
7. kff – https://www.kff.org/other/state-indicator/total-population/
8. mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/how-data-and-analytics-are-redefining-excellence-in-p-and-c-underwriting
9. oregon – https://www.oregon.gov/oha/hpa/analytics/pages/insurance-data.aspx