Insurance carriers have accumulated massive amounts of data over the years, which can present a daunting task when it comes time to turn that data into business intelligence (BI). That's why Deloitte Consulting principal John Lucker believes carriers must conduct a proper data inventory if they haven't done one already.

"It's not just a matter of what comes off the top of their head," says Lucker. "But looking throughout the organization for non-traditional data and in particular in-house data they have purchased or they have licenses for that might be useful for them."

Carriers also have large amounts of manual data that Lucker maintains could be made electronic. For example, carriers want to perform BI or predictive analytics around MVRs, but very often the companies don't have that data in an electronic format.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.