Although the insurance industry is quickly adapting to become more sophisticated in its use of big data, many companies still consider themselves to be behind the competition, panelists say at Standard & Poor's Rating Services' 30th Annual Insurance Conference.
For an industry that relies on information and actuarial assessment, big data has brought forth substantial changes in "variety, velocity, and volume," according to Murli Buluswar, chief science officer at AIG.
"While insurance has been a fairly data-rich industry historically, at the crux of it, we're trying to better understand our customers and bring them products that meet their needs," Buluswar said, adding that big data enhances users' risk mitigation, not just risk management.
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