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Why 2022 is the year data transforms the insurance industry

From data management to IoT devices, these new ways of working will power insurers into the future.

By Jean Sullivan | February 10, 2022 at 07:36 AM
AI systems must be able to accommodate change — risk profiles are rapidly changing and major world events, such as the COVID-19 pandemic and the increase in frequency and velocity of storms, can lead to changes in consumer behavior. (Credit: issaronow/Adobe Stock) AI systems must be able to accommodate change — risk profiles are rapidly changing and major world events, such as the COVID-19 pandemic and the increase in frequency and velocity of storms, can lead to changes in consumer behavior. (Credit: issaronow/Adobe Stock)

The insurance industry is driven heavily by data. Even before the rise of widely available analytical tools, insurers relied on statistical analysis to assess risk and price policies accordingly. Now, with the exponentially increasing amount of data available, insurers are faced with a conundrum: More data means improved decision-making, but it also requires an investment in data integrity to ensure that this data is trusted.

As we look to 2022 and beyond, below are the key trends in data that will impact the insurance industry:

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