Big Data Analytics in India and Insurance Sector

 

Here is a brief timeline of the development of big data analytics in India:

 

2011: The National Association of Software and Service Companies (NASSCOM) predicted that big data analytics would be a major growth area for the Indian IT industry.

 

2012: The Indian government launched the National Data Sharing and Accessibility Policy (NDSAP) to promote the sharing and reuse of government data for research and development. The policy aimed to encourage the development of big data analytics in India by providing researchers and businesses with access to large datasets.

 

2013: The Indian Institute of Technology (IIT) Delhi launched a new program in data analytics to train students in the field of big data analytics. The program was aimed at addressing the shortage of skilled professionals in the field of big data analytics in India.

 

2014: The Indian government launched the Digital India program to promote the use of digital technologies, including big data analytics, to drive economic growth and social development. The program aimed to create a digital infrastructure that would enable businesses and government agencies to collect, store, and analyze large amounts of data.

 

2015: The Indian government launched the Smart Cities Mission to develop 100 smart cities across the country. The mission aimed to leverage technologies such as big data analytics to improve urban planning and management.

 

2016: The Indian government launched the Digital India-Data Analytics Program to promote the use of big data analytics in various sectors, including healthcare, agriculture, and education. The program aimed to create a pool of skilled professionals in the field of big data analytics and to provide support for research and development in the field.

 

2017: The Indian government launched the National Data Analytics Portal to provide access to government data for research and development. The portal aimed to promote the development of big data analytics in India by providing researchers and businesses with access to large datasets.

 

2018: The Indian IT industry association, NASSCOM, predicted that the big data analytics market in India would grow to $16 billion by 2025, driven by increased adoption of big data analytics by businesses and government agencies.

 

2019: The Indian government launched the National AI Portal to promote the development and adoption of artificial intelligence (AI) technologies, including big data analytics. The portal aimed to provide a platform for researchers and businesses to collaborate on the development of AI-based solutions.

 

Overall, India has made significant strides in the development and adoption of big data analytics in recent years. With initiatives such as the Digital India program, the Smart Cities Mission, and the Digital India-Data Analytics Program, India is well-positioned to become a major player in the global big data analytics market.

 

bigdata analytics

Here is a brief timeline of the development of big data analytics in the insurance industry in India:

 

2015: HDFC Life, one of the leading insurance companies in India, partnered with IBM to develop a new data analytics platform. The platform was designed to enable HDFC Life to analyze customer data and improve its underwriting and risk management processes.

 

2016: ICICI Lombard, one of the largest insurance companies in India, announced that it had implemented a new data analytics platform to enhance its underwriting and claims management processes. The platform, developed by WNS Global Services, a global business process management company, was designed to enable ICICI Lombard to improve risk assessment and claims processing for its insurance products.

 

2017: Bajaj Allianz General Insurance, one of the leading insurance companies in India, announced that it had partnered with IBM to develop a new data analytics platform. The platform was designed to enable Bajaj Allianz General Insurance to analyze customer data and improve its underwriting and risk management processes.

 

2018: SBI General Insurance, a subsidiary of the State Bank of India, announced that it had implemented a new data analytics platform to enhance its underwriting and claims management processes. The platform, developed by TCS, a global IT services company, was designed to enable SBI General Insurance to improve risk assessment and claims processing for its insurance products.

 

2019: Max Life Insurance, one of the leading insurance companies in India, announced that it had adopted a new data analytics platform to enhance its underwriting and claims management processes. The platform, developed by Deloitte, a global professional services firm, was designed to enable Max Life Insurance to improve risk assessment and claims processing for its insurance products.

 

Overall, the adoption of big data analytics in the insurance industry in India is still in its early stages, but there have been significant developments in recent years. With the implementation of data analytics platforms by companies such as HDFC Life, ICICI Lombard, Bajaj Allianz General Insurance, SBI General Insurance, and Max Life Insurance, it is likely that more insurance companies in India will adopt big data analytics in the coming years to enhance their underwriting, risk management, and claims management processes.

Author

 

Maryam Saeed Dogar

 

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