#Insurtech - Expert Roundup: How Will Big Data Impact the Insurance Industry? | Vertafore

Big data in insurance expert roundup

We spent the last two months focusing on the intersection of big data analytics, insurance, and technology in order to shine a light on the disruptive changes that are taking place in the industry. Vertafore did a lot of primary and secondary research in order to produce our free e-book on big data analytics and share our perspective, but we also think it’s important to provide you with the perspective of other influential members of the insurance industry.

So we took to Twitter and posed influencers with a question:

What role will big data play in disrupting the insurance industry -- will the insurance industry be disrupted by big data? If not, what do you think what big data's biggest impact will be?

Their answers are below.

Take a look at what they had to say. Do you agree? Do you disagree drastically? Let us know on Twitter – just tweet your comment and use the hashtag #disrupt16.

Expert round up

“SMA has done extensive research and strategy work on big data in insurance. The top areas for disruption are pricing, customer segmentation, actuarial analysis, risk analysis, and claims fraud. At least one-third of the insurers we have surveyed believe that big data will be a game-changer in these areas.”

- Mark Breading, Partner, Strategy Meets Action

 

Insurance has always been about data, science, zeros and ones. Now there is all this new data around us; whether new streams of data originating from social platforms and connected devices or the more traditional sources of data originating from public and private records. And there's tons of heat on how to apply analytics to uncover simple yet actionable data. The latter is what will turn data into information into discovery of new markets and products that will ultimately differentiate between winners and losers. Taking a space back and looking at insurance from a bird's eye view, we are in a highly-fragmented and competitive industry. Big data in itself is more noise. It's the information piece that's impactful. Obviously the road to actionable data will entail kissing many frogs and so  being first-to-data is a huge advantage. Insurance startups like DataCubes and Carpe Data are an example of how carriers can access new datasets in their path to profitable segments and we all know that in insurance, not all clients are created equal. All in all, the area of Big Data is as much art as it is science and insurance is about to get a lot more entertaining.

Recommend reading: The End of Insurance as We Know It

- Shefi Ben-Hutta, Founder, Coverager & Insurance Entertainment

 

As new sources of data about the people and things we are insuring become available, we gain new opportunities to identify and manage risk. In many cases, we can incentivize customers to play an active part by sharing data and, based on the insights from that data, modify their behavior to reduce risk. It’s a fantastic model for the insurance industry, one that offers greater transparency and value for all stakeholders.

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via www.vertafore.com