In a world where “Data is everything, and everything is data,” carriers need to leverage data better than ever before.
Every day, a staggering 2.5 quintillion bytes of data are being generated, collected, and harnessed worldwide. And 90 percent of this data, according to Forbes, has materialized in just the past two years. Meanwhile, the global insurance data market is experiencing rapid growth and is expected to reach $30 million by 2028. *
Within this data are hidden customer insights and business opportunities. But for this data to be valuable, you must be able to find the data you want when you need it. Then, turn this data into information and information into action.
But that's becoming increasingly harder due to the sheer volume and nature of data. Different kinds of data — transactional data from core business systems and the data collected through other sources (imagery, sensors, warning systems, telematics) — can be scattered throughout a business, making it challenging to marshal in a concerted way. So, while data is everywhere, the question is how do we bring it all together? How do we analyze and extract insights at scale to improve decision-making, create efficiencies, and provide better customer experiences?
In this e-book, we explore the unique data challenges P&C carriers face, how they can harness the data they have, share and leverage information internally and externally, and integrate insights into every step of the decision-making lifecycle — ultimately, optimizing efficiency, offering a better customer experience, and turning this unexcavated data into a goldmine of opportunities.
Sponsored by ITL Partner: OZ Digital Consulting