Big Data from sources such as CRM and social media will bring a wide variety of opportunities to many sectors; one in particular that could benefit is the insurance industry.
By increased insight and productivity that Big Data can bring, there is the chance that revenue can be increased and cost base reduced.
To gain true value from Big Data, it is of huge importance that insurers manage and control points that are in line with business priorities. The main challenge that is obstructing insurance companies benefiting from the availability of so much data is finding the right ways to exploit both structured and unstructured data.
If insurers want to make the most of Big Data, they need to ensure they have systems in place to cope with the different forms of data across 3 areas:
The most important requirement is to react quickly to data received. But those in the insurance industry that can implement systems in the appropriate places to cope with the adjusted volume, variety and velocity of Big Data can gain from it in the following areas:
Customer retention is another reason that insurance companies can benefit from these data opportunities. Customers have buy in of Big Data being implemented in insurance; if they can receive solid insight into how they could lower their premiums, they will be more likely to stay on with the insurer that offers the capability.
Tonight, the 27th of March, The London Business Analytics is hosting an interesting panel discussion with several panelists presenting various Data Opportunities and Challenges across a number of sectors.
Ali Al-Kafaji - Insurance
Insurance and the effect the telematics will have on car insurance premiums
Ali Ettefaghian - Health
Issues of data in health - the great potential of it but problems with data quality and the need to get privacy issues correct
Bala Madhusoodhanan - Retail
Noor Din - Education
Steve Raddon - Project Management
Tamsin Harriman - Finance
If you would like to find out any more about the event, please feel free to contact me or a member of the team.
Don’t forget to sign up to our future events on: https://www.meetup.com/London-Business-Analytics-Group/