A great deal of attention is being paid to "big data," as much of the unstructured data insurers compile is being called these days. Such data, amassed through tools such as telematics and social media, threatens to swamp companies thatdon't have the infrastructure in place to handle it and the analytics to make sense of it all.
But one problem many insurers face is they are still trying to put some order in the data they already have compiled from traditional sources or purchased from third-party providers.
"Certainly the right order of things is to get a handle on little data first, which means get a handle on your enterprise data and the kind of structured data sources you can use to improve underwriting and claims," says Matt Josefowicz, partner and managing director of Novarica and the author of the new report: Analytics and Big Data at Insurers.
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