Insurers have begun to embrace the onslaught of data in a variety of formats - e-mail, PDFs, photographs and social media feeds, to name a few. The idea is to turn the vast menagerie of unstructured data into useful business insight, with the goal of providing better results to clients while boosting sales. But achieving this end poses both a business and a technological challenge that few have been able to tame so far.
"Insurance companies are data-rich sources of all kinds of new and existing information that lends itself well to these kinds of analytical tools," says David Castellani, SVP of business information at New York Life. Tapping into unstructured data to glean useful business insights, he adds, is a new but fast-growing trend. "This trend is nascent, but it has huge implications for our industry in general."
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access