By Sam J. Friedman and Michelle Canaan

Rather than getting caught up in the hype over new sources of "Big Data," many insurers should instead consider going back to basics and reinvent their entire information management approach to get the most value out of the treasure trove of material they've already been collecting for years.

Data has long been and likely will forever be the "life blood" for insurers. Unfortunately, the circulatory systems carrying these valuable bytes of information is often slowed or even blocked by siloed, legacy technology architecture. Beyond technological obstacles, insurers are also often hamstrung by the lack of a comprehensive data governance process as well as a systemic dearth of communication across lines and functions.