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It's an exciting — and revolutionary — time for the insurance industry. (Photo: Shutterstock) It’s an exciting — and revolutionary — time for the insurance industry. (Photo: Shutterstock)

The numbers are almost unbelievable. More than 2.5 quintillion bytes of data are created every day. By 2020, 1.7 megabytes of data will be created every second for each person on Earth. This exponential explosion in the amount of data comes from a tremendous increase in data sources. Everything from our cars to our microwaves now collects large amounts of information — not to mention the phones we all carry in our pockets. They also create a steady stream of data on where we are, what we’re doing, and how we’re communicating.

Every industry is grappling with the business implications of new data. But in the risk and insurance sector, the potential and pitfalls are amplified. Insurance is the original big data industry, and leaders have always sought to mitigate risk and achieve better outcomes through data. It’s a fundamental part of the insurance industry mindset.

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