The next insurance data revolution

It is estimated that 90% of all data created in the past two years, with 2.5 quintillion bytes of data created everyday.* 

Starting in the mid-2000s, many insurance companies incrementally improved their ability to utilize data thanks to advancements in data infrastructure and analytics technologies and rethinking of the silo mentality that hindered enterprise-wide data strategies. But these gains were mostly confined to the operational data that insurers already collected, such as policyholder details, customer interactions, payments, claims, etc. Moreover, the focus was on traditional processes—i.e., annual policies sold through brokers/agents or direct channels and infrequent engagement with end buyers. Some players continue to grapple with the challenges posed by the first insurance data revolution.   

The next insurance data revolution is being fueled by the explosive growth of new data from sources such as satellites, sensors, social media, digitized records, and even synthetic data platforms. Most of this data is external to the insurer, granular, and updates with greater frequency—some even streamed in real-time—than in the past. While recent excitement about breakthroughs in AI is understandable, a fundamental question for insurers is whether their data strategy will deliver the right data at the right time within the right guardrails, without which the promise of better tools will never be fulfilled. 

Tata Consultancy Services (TCS) brings together a diverse panel of experts to discuss how insurers can fully leverage the volume, variety, and velocity of data to power AI and analytics strategies and emerge as winners in the next insurance data revolution. 
  
_{*Source: https://bernardmarr.com/how-much-data-do-we-create-every-day-the-mind-blowing-stats-everyone-should-read/}