The quest to harness and harvest big data for the insurance industry continues to gather pace. Gathering, owning, analyzing and applying data to every aspect of the insurance business is driving the industry into many new innovative approaches.
However, increasing regulation--from GDPR in the EU to cybersecurity regulations in the US--is likely to create significant limitations and parameters for how the industry can gather and use data. It also remains to be seen whether and to what extent consumers will push back against the gathering and use of their data due to concerns arising from recent breaches and other disclosures (such as the recent issues at Facebook).
harnessing advanced analytics and emerging data sources is becoming an increasingly vital concern for leading U.S Property and Casualty (P&C) re/insurers. In a recent survey, Willis questioned 51 U.S P&C re/insurers, finding that customer experience, claims management, telematics data for pricing, and customer selection and product design were among the top priorities for the application of data and advanced analytics. Around 67% of respondents said harnessing data would allow them to establish a faster service, while 65% agreed it would facilitate easier access to information, and 61% felt it would support more personalised customer experiences.