Insurers are aware of the transformative effect big data is having on their industry. Whether used to combat fraud, better understand customers or more accurately price premiums, big data technologies are enabling smarter, more reliable decision making.
But insurers are also aware of the challenges they face in extracting value from data. Data silos continue to persist within their organisations, and communication channels between the risk and the sales and marketing departments are in many cases inadequate. Data silos outside the organisation restrict the effectiveness of analytics tools already available.