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How data accelerates insurer performance

Rich, diverse data can accelerate the insurance business in the same way it enhances race car performance.

By Sasha Sanyal | October 24, 2019 at 05:00 AM
Unlike up-and-coming challengers, existing insurers have a wealth of historical data that can be mined for insights. (Photography: Envision Virgin Racing) Unlike up-and-coming challengers, existing insurers have a wealth of historical data that can be mined for insights. (Photography: Envision Virgin Racing)

The high-speed, high-tech world of motor sports and the centuries-old insurance industry may seem to have little in common. But there’s a shared fuel powering them both: Data.

In Formula E — the world’s first fully electric, international single-seater street racing series — collecting data is required to even get in the race. Insurance is an industry built on data, too. Without it, insurers wouldn’t be able to predict losses, price risks, or assess claims.

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