How Property and Casualty Insurance Professionals Can Find the Truth in Big DataPublished 13th Mar 2015
If you’re not yet using big data and analytics to do your job, you likely will be soon. Surely you’ve heard of big data transforming industries as varied as medicine, advertising, and financial services, and it holds particular potency for the property and casualty insurance space. Big data can simplify your marketing to potential clients, aid underwriting and claims, and ultimately help you retain more clients over the long term.
But as more and more insurance carriers begin to use data to drive their decision-making, they have to be careful about where that data is originating. Too often it comes from error-prone surveys marred by selection bias, or from third-party sources that could be shadowed with misinformation or lack of context. For big data to truly be useful, it has to be relevant and accurate, and many streams of data in use today just don’t fit the bill.