Expertise In Action - Big data: Thinking big
‘Big data’ has long been hailed as the next big thing in insurance – so why have firms been so slow to harness its undoubted potential?
The commercial world has developed an obsession with data, and the general insurance industry is no exception. Rather like the song from Grease, firms constantly plead ‘tell me more, tell me more’ – but they aren’t always sure what to do when they get more information. This is just the latest of many challenges the industry has faced in its struggle to unlock the potential of data – or ‘big data’, as it is now fashionably labelled.
There are two main drivers behind the insurance industry’s desire
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