The Real Challenges
and Opportunities of the
Data Deluge for Insurers
As insurers have amassed increasingly large amounts of data, they have, over time, steadily improved their data management capabilities. Legacy systems were brought up to meet modern specifications, data silos have been bridged, and new regulatory reporting requirements were accommodated.
Nevertheless, and even in the most successful enterprises, challenges in decision making remain. In particular, with vast new sources of data on the approach, carriers must consider how to deal with them most effectively. With each appearance, Big Data announces new opportunities for business.
Every advance in technology generates new data, of which some is very relevant to decision-making for carriers. Good examples include the technologies bringing the geolocalization of everything: to risks, routes, the insured, floods, weather… Add social network data streams into the mix, and it is safe to say that both use case opportunities and the volume of data have only one direction to go – and that is up, up, up. To suggest the increase will be exponential is not an exaggeration. Extracting knowledge out of this huge amount of data opens up a tremendous opportunity for any insurer that is aiming to differentiate.
Download this white paper for a complete outlook on the opportunities and threats of Big Data to Insurers.
By Philippe Torres