Data Deluge -
This Article explores the Challenges and Opportunities for Insurers brought on by the vast new sources and increased volume of data.
Over time, insurers amassed increasingly large amounts of data, and steadily improved their data management capabilities. Legacy systems were brought up to spec. Data silos were bridged. New regulatory reporting requirements were accommodated.
But these days, advances in technology are generating vast new sources of data, some of which appear to be very relevant to decision-making for carriers. Consider just the technologies that bring geolocalization to risk assessment: routes, the insured, floods, weather… the list goes on. It is safe to say that both the volume of data and use-case opportunities have only one direction to go: up.
This recognition brings an imperative, a responsibility, even, for carriers to carefully examine the new sources of data, and their content, with a sharp eye.
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By Philippe Torres