A great deal of attention is being paid to "big data," as muchof the unstructured data insurers compile is being called thesedays. Such data, amassed through tools such as telematics andsocial media, threatens to swamp companies thatdon't have theinfrastructure in place to handle it and the analytics to makesense of it all.
But one problem many insurers face is they are still trying toput some order in the data they already have compiled fromtraditional sources or purchased from third-party providers.
"Certainly the right order of things is to get a handle onlittle data first, which means get a handle on your enterprise dataand the kind of structured data sources you can use to improveunderwriting and claims," says Matt Josefowicz, partner andmanaging director of Novarica and the author of the new report:Analytics and Big Data at Insurers.
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