How can Big Data help an Insurance Company? – PWC
Article Synopsis :
By applying analysis of Big Data to pressing business issues, companies are reshaping their operations and accelerating business results. Over 60% of IT and business executives believe Big Data has significant potential to achieve real business advantage.
In the research report “How can Big Data help an Insurance Company?”, Massimo Iengo from PwC presents a high level perspective on the use-case of big data in insurance and defines a framework architecture geared for the typical insurance organisation. Per the report, Big Data has three key characteristics:
- Big Data defines a goal of transforming data into insights and intelligence
- Big Data represents a new way of doing business
- Big Data means massive volumes
Big Data implementations present huge opportunities for insurers who can excel at drawing actionable insights from huge piles of structured and unstructured data. Those who do so will be in a better position to capture, price, and serve customers. In the report, Mr. Iengo identifies what he thinks are the top three use cases of Big Data technology in the insurance value chain:
- Life insurance – Big Data can see tomorrow today
- Standard Insurance – Data appliance selection, maintaining service levels while increasing data capabilities
- Health Insurance – Fraud identification
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Digital Insurer's CommentsIt has been said that in the digital age data is the true asset of insurance carriers. Traditionally, the insurance business model has created multiple data sources stored in various data silos across multiple discrete departments. Big Data technologies enable insurers to leverage these data silos toward becoming a more customer-centric organisation.
Big Data technologies also enable the capture and synthesis of external data sources, when combined with internal data, drive real innovation in areas such as customised and segmented service offerings, and targeted marketing and pre-emptive credit risk assessment. When linked with analytics these tools can help continually improve essential business processes. Matching use cases with the right technology solution is critically challenging. Insurers who succeed in handling the velocity, variety and volume of Big Data will emerge as the ultimate winners.
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