NTT DATA
The IT Service and Consulting firm has just released a new edition of its annual report , focused on the Four Forces of Acceleration of the Insurance Industry
If Insurance is about a compensatory rebalancing of the scales in the event of a specific loss , data is the fulcrum that sustains it . The more accurate the data , the better insurance provisions there will be . In the Insurance world , this is axiomatic . NTT DATA has apprehended this fact , and provides analyses that broaden the horizons beyond traditional players - those assumed , thus far , to be the only players of any substance in such calculations .
It may be said that traditionally , the potential data utilised by insurance companies has been quite reductionist in its scope , with methodologies defining rigid and restricted parameters , or ‘ pools ’ of interest , and generally focusing solely on the obvious forces of Insurance companies and now , Insurtechs .
NTT DATA is challenging such assumptions by expanding these borders with a more holistic approach to data analysis , with an understanding that data pools are inadvertently ( and vitally ), connected to data streams , with the implication of abounding oceans somewhere in the informational distances . As NTT DATA launches its
Insurtech Global Outlook 2022 Report , it focuses on ‘ The Four Forces of Acceleration ’, which expands the ambit of actuarial cause and effect , to including Insurtechs , Insurers and their Digital Garages , New Entrants and Tech
Giants , and even Regulations , as part of Insurance Liquid Ecosystems .
In its basic essence , NTT DATA ’ s main mission is to help its customers with their digital and technological transformations . “ In other words , we support them in identifying and implementing the right technology as a pillar to transform their businesses ,” says Carlos Ordóñez , Head of Strategy & Advisory at NTT DATA Insurance EMEAL ( Europe , Middle East , Africa , and Latin America ). NTT DATA is the 6th foremost IT Consulting Services provider in the world .
Head of Insurtech , Richard Calvo says : “ The sixth edition of our annual report ,” ( from hereon ‘ the report ’), “ is the result of many years of learning and experience . We have evolved our originally , solely insurtechfocused report towards ‘ The Four Forces of Acceleration ’, because we have perceived that just by focusing on the investments in insurtechs , we could be too biased on the real and actual impact that other actors are also having on the Insurance industry .”
The Insurtech Global Outlook 2022 Report ’ s Methodology The methodology of the report highlights its extent as well as its rigour . In the first phase , NTT DATA collected real-time data from over 4,341 startups , 1,076 Insurtechs , 203 insurers and investment arms , 46 Industry and Platform Giants and 25 Regtechs . This was sourced from both the public and the private sectors , additional to the information
28 July 2022