As I noted in 2019 , Insurance is a complex industry with many layers, disciplines, markets, and regulators. It is, however, more reliant on data and analytics than most industries, with a few exceptions, but has struggled to keep up with waves of technology. Of all the sectors highlighted in case studies and sales pitches for big data analytics and AI/ML, Insurance is infrequently cited, if not conspicuous, by its absence. It desperately needs digital transformation and can benefit from various technologies and applications. Some facts about the insurance industry: As per Zippia, in 2021, the US insurance industry recorded $1.4 trillion in written premiums, split 52%/48% between Life and Annuity companies and Property and Casualty companies. Insurance contributes about $674.2 billion to GDP (about 3.1%). Health insurers are not included in these totals. Still, private health insurance spending of $1.15 trillion accounts for 28% of US healthcare expenditure. To put this in perspective, this places Insurance just below the federal government’s contribution to GDP and just above the information technology sector. The industry has cash and invested assets of over $5.5 trillion (about $17,000 per person in the US) and employs over 2.5 million people (about twice the […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
