IT COULD BE ARGUED THAT MODERN INSURTECH IS BUILT ON BIG DATA . IN THIS ARTICLE , WE EXPLORE HOW INDUSTRY LEADERS ARE UTILISING IT IN EXCITING NEW WAYS
EXPLORING THE USES OF BIG DATA
AI & DATA
IT COULD BE ARGUED THAT MODERN INSURTECH IS BUILT ON BIG DATA . IN THIS ARTICLE , WE EXPLORE HOW INDUSTRY LEADERS ARE UTILISING IT IN EXCITING NEW WAYS
72
F oundational to a distinctly informationrich industry , Big Data has become one of the most important factors in the disruptive and innovative potential of InsurTech over the last 10 years . Whereas before data was abundant and yet inaccessible in terms of deriving insights (‘ dark data ’), an elegant combination of cloud , IoT ( internet of things ) and algorithm-driven analytics software has meant that vast volumes of valuable data can now be unlocked , granting insurers the scope to elevate products and services beyond their prior incarnations and into something truly modern . Using insights from Boston Consulting Group ( BCG ) and KPMG , as well as exploring use cases from leading InsurTechs , we investigate how Big Data has laid the foundations for the next-gen insurance .
EXPLORING THE USES OF BIG DATA
In the digital age , insurance is a sector which needs to be agile , responsive , efficient and optimised in order to deliver optimal outcomes for its customers . High-quality information is the cornerstone
SEPTEMBER 2020