ACORD announces the completion of a research study on data and analytics in insurance, conducted by Strategy Meets Action (SMA) in which North American members explained their priorities and plans for leveraging data and analytics for competitive advantage and included the future role of standards.

"Insurers are investing in analytics, with the survey showing that North American insurers spend about nine percent of their IT budgets on data and analytics," says Mark Breading, partner with SMA. "What is even more interesting is that business units outside of IT are spending approximately the same amount. All together this represents almost $10 billion in spending each year."

In addition, three-quarters of insurers plan to increase spending on analytics. A significant percentage of the survey participants are able to identified specific game-changing opportunities (such as pricing and fraud) for applying big data approaches. Survey respondents identified the top business and IT benefits of data standards and industry frameworks in the new age of analytics.

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