To win the information "arms race," insurers are being challenged to upgrade their data-management capabilities in underwriting, pricing, and claims, while grappling with a host of related technological and liability issues along the way.
Data, which is the lifeblood of insurance, is experiencing exponential growth. That should be a boon for the industry, but developing strategies to better integrate and leverage existing and emerging data sources is proving to be a daunting challenge for many insurers.
As more and more carriers look to execute strategies to drive performance and reduce risk through improved utilization of data and advanced analytics, insurers should be prepared to make the tradeoffs needed to develop capabilities they believe will provide them with a competitive advantage. In some cases this might lead to the need to revisit and modify traditional business and operating models.
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