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Don't rush it: Slowly integrate big data into your processes to really make this tool work in your favor. (Photo: iStock)

It’s no secret: Insurance risk is evolving. As a result, keeping risk management practices up to date must become a priority for third-party administrators (TPAs) looking toward the future.

But expect challenges; this is much easier said than done. A recent Accenture report found that greater volume of data, regulatory demands, legacy technologies, and the increased threat of cyber attacks are all impacting risk management effectiveness.

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