A data scientist studies data on a computer. Precise pricing cannot be accomplished through flawed data. Understanding the exact risk involved allows companies to underwrite wisely or walk away from a potential loss. (Photo: Chaay_tee/Adobe Stock)

Data has been a focal point for the industry for some time, and that only seems to be accelerating. Whether we’re talking about new data sources, using third-party data to avoid asking insureds for information, looking at how we structure our data models and warehouses (or lakes, but hopefully not swamps!), implementing data governance or something else, data is as much a buzzword as embedded, AI, IoT or anything else.

Unlike many of those buzzwords, however, data is very much a reality, and has been since the beginning of the industry. After all, the entire premise of pricing insurance is born from data.

 

Complex Claims & Litigation Forum 2023Event

Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.