The volume and variety of data available to insurers is growing exponentially, and the associated costs are reducing.
However, data is nothing on its own. Combining data with experience, insight and domain expertise will differentiate a business solution from an idea. Through informed thinking and knowledge, insurers will be able to transform their business to one that is customer-centric, from risk selection and pricing through to improving their proposition.
There is a wealth of data available. The key to success is blending that data and looking at it in innovative ways to get the optimum results. Value is created by data enrichment, or the pulling together of disparate sources of information, including internally held, third-party and non-traditional data, such as social media behavioural data.
The challenge for insurers is to combine these various data sources, held on a variety of different systems, to extract the significant value in there.
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