When it comes to the innovative creation of insight, the data-rich insurance industry historically has lagged behind. That’s the bad news. The good news is companies within the industry right now are turning the corner, delivering exciting, innovative new data management tools, applications and platforms that will bring risk managers in line with industries such as health care, finance and retail.
“The insurance industry has been about 15 years behind the business world when it comes to effectively using data,” said Providence, R.I.-based David Tweedy, senior consultant and director of RMIS Solutions at Bickmore. “The good news is the industry finally is starting to innovate in the big data arena.”
Tweedy added that regarding data and data analytics, there have been impressive recent advancements, but just as importantly, the interest is there from risk management decision makers, third party administrators and insurance carriers. “Two or three years ago, the focus was on enterprise risk management,” Tweedy said. “Today, data analytics has pushed itself into the forefront.”
Paul Marushka, president of Marsh ClearSight, a Marsh subsidiary and global leader in technology, analytics and service solutions across risk, safety and claims management, said that the biggest pain point for risk management organizations until now has been “static, non-dynamic” data.
Read more in the March edition of Risk & Insurance. Click here.