Data is not a new challenge for insurers. However, in this digital era, the sheer volume, veracity and variety of data available to insurers are staggering. It’s becoming increasingly important for insurance business leaders to understand how to find, analyze and use this wealth of data to its utmost advantage whether that is crafting business strategy, enhancing the product portfolio or informing customer engagement.
Now, while it’s one thing to espouse the benefits of data, it’s quite another to put these practices into place. In fact, the problem we often see among our clients is that questions around data ownership, data quality and data security can sidetrack a conversation and alienate business stakeholders. This is the “Bermuda Triangle” of big data and if one isn’t careful, it can swirl the conversation so drastically that the business imperative and objective of the conversation is lost.
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