What’s Big Data and Why Should Insurance Carriers Care?

Everyone today is talking about “big data” in almost every industry, which begs the question – just what is big data? Getting to the answer depends on the industry and on who you ask. In the broadest sense, big data is about tapping into a wide array of often disparate data sources and using data analytics technologies and tools to extract strategic intelligence.According to a recent Gartner report covered by Insurance Networking News, “the management and utilization of big data is critical to competitiveness within the insurance industry.” The report details some of the obstacles facing insurance carriers when it comes to adopting and applying data analytic processes for improving business performance. Most insurers are still struggling to understand what big data is. Lack of an IT foundation, IT governance and investments to support big data initiatives are also obstacles cited in the Gartner report.

One solution for insurance carriers is to work with a technology provider that has a core competency in big data. Big data analytics are at the core of Enservio’s Valuation Platform and our Contents ITV (Insure-to-Value) system. We’ve perfected the art and science of big data analytics for the full range of carrier contents claims needs, from underwriting through to claims settlements and contents replacement. Improving the contents claims process is definitely an area where insurance carriers would benefit from finding a provider rather than attempting to reinvent the wheel and build their own solution from scratch.

To learn more about big data approaches to solving contents claims challenges for carriers, check out my article on PropertyCasualty360 – Improving Contents Claims Results.

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