How can insurers take analytics to the next level and use alternative data sources to broaden engagement with digital consumers? (Photo: Shutterstock) How can insurers take analytics to thenext level and use alternative data sources to broaden engagementwith digital consumers? (Photo: Shutterstock)

Insurance has always been a data-driven business — just ask anyactuary or underwriter. However, the incredible volume of personalinformation becoming available through sensors, third-partyaggregators, and other alternative sources, as well as the evolvingtechnology tools to make sense of it all, have not only bestowed anincredible bounty on the industry but are raising red flags aswell.

A running theme throughout Deloitte's "2020 Insurance Outlook: Insurers adapt to grow in avolatile economy" is how insurers should takeanalytics to the next level and use alternative data sources tobroaden engagement with digital consumers. The outlook alsoemphasizes the flip side, looking at potential pitfalls of expandeddata access and analysis, including heightened cybersecurity andprivacy considerations.

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