DIGITAL TRANSFORMATION
“ BIG DATA IS LIKELY
TO EXPAND IN WAYS WE CAN ’ T EVEN IMAGINE IN THE INSUR-
TECH SPACE , BUT
AS A START , THE AMOUNT OF DATA BEING COLLECTED
AND ANALYSED WILL ONLY GROW ”
DAVID SEXTON COGNIZANT
smart cities , data analytics and modelling techniques , highlight the need for insurers and re-insurers to treat data as one of their organisation ' s most important assets . He explains , “ Like any other asset , insurers must protect their data with utmost care . Regulatory compliance requirements , such as GDPR , and data protection acts , form strict guidelines dictating the insurers to deal the data assets with the utmost care , under careful and authoritative data governance processes .”
The opportunities presented by Big Data But while the risk-reward ratio presents a distinct set of challenges , most experts believe it ' s weighted in favour of greater data collection . insurtechdigital . com 65