INSURANCE
“ WHEN IT COMES TO RECORDING EACH PARTNERSHIP IN WRITING , THE DEVIL REALLY IS IN THE DETAILS ”
RACHEL HILLIER CAPITAL LAW
Today , the amounts of data being produced , collected , and aggregated , come from a wealth of data points , and provide much richer insights into the marketplace , customer preferences and risks . Indeed , data collected over a long time frame , may not even be as relevant as data collected over a shorter period , but from many more sources .
Tim McKenzie , director – cloud computing and location solutions at data integrity specialist , Precisely , explains , “ We are seeing companies looking for ways to leverage cloud / big data computing to begin to organise and enrich data at scale to take advantage of the opportunities presented by the increased availability of data .
“ In the property and casualty industry , location is a vital component of the business from underwriting , to predicting risk , to responding to catastrophic events and more . The ability to create efficient methods of organising location-based data into a format that can be consumed by modern technologies like artificial intelligence and machine learning has become a very important strategy for capitalising on this influx of data .”
insurtechdigital . com 45