DIGITAL TRANSFORMATION
Jason Paau , Insurance Lead at Publicis Sapient , agrees . He believes there will be equal amounts of pros and cons to the increase in Big Data .
“ It ’ s not black and white ,” he says . “ It will depend on how the industry establishes data governance and data management ( governance and management will grow in complexity as data usage matures ). This will also be driven by individual carriers based on their own assessment of the opportunity and costs ”
Paau says the risks will include stale data , in the form of “ black box ” decisioning by AI / ML that affect people ’ s lives , combining dirty / untrustworthy data . But he also says the benefits will include the potential for a holistic and accurate view to add greater customer value ( and therefore loyalty ), rather than a “ one size fits all ” with advanced data granularity in the form of personalised offers and products as well as , preventative costsaving opportunities as IoT data on anything from truck maintenance to drone surveys , feedback vital information .
He notes , “ There is also significant upfront investment needed ( technical debt ) to move [ companies ] to cloud / digital transformation ”
Edge of maturation But how can companies effectively aggregate their data to maximum effect ? Which technologies are proving most effective in terms of handling the data surge ? And which technologies hold the key ?
Jerome Bugnet , Director , Solution Engineering of the hybrid integration platform , MuleSoft predicts APIs will be essential in enabling insurers to aggregate their data to maximum effect . As Big Data increases , he says , insurers will need the ability to integrate a growing number of data sources quickly and easily . This requires a high level of data agility that enables
68 March 2022