This is the final of a series of four articles about the state ofdata in the insurance industry. Previously, we focused on thecurrent state of insurance, customer demands and business models. While these topics arecritical, to evolve the insurance industry, companies must alsolook at how they are using data for the betterment of theindustry.

Insurance companies have significantly more data than somethink. But the industry has been unwilling or unable to use thedata to its fullest extent. However, by ignoring this data,companies are missing opportunities to better service customers andto improve business.

Acquiring data

Take a customer looking for home insurance. By simply entering apostal code and home address, this person can receive an instantquote online about the cost of the insurance. Now, from aninsurer's point of view, there is a ton of data that can be used tohelp this person: You can find internal and external data aboutweather risk, claims, construction, zoning, crime, accidents , andmuch other information.

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