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Subscriber only, premium content. Tuesday, September 27

What insurers need to know to take advantage of big data in risk analysis and modeling

Laden with aging technology infrastructure, insurers struggle to capitalize on a new era of advancement in data gathering and analysis vital to their future competitiveness.

  1. Identify & Analyze

    Legacy technology platforms leave insurers poorly positioned

  2. Evaluate & Implement

    Though costly, legacy system replacement can yield tangible operational benefits

  3. Monitor & Adjust

    Insurers begin to realize the potential of analytics and big data

The insurance industry is poised to capitalize on increasingly potent analytic technologies and big data, provided it can surmount persistent data storage, architecture and quality issues, experts say. ›› More

The use of big data has the potential to be fundamentally disruptive to many entrenched business practices with insurance companies, experts say. ›› More

Business Insurance Associate Editor Bill Kenealy talks to Matt Josefowicz, partner and managing director of insurance research and advisory firm Novarica, a division of New York-based Novantas L.L.C., about what insurance companies will need to do to position themselves to leverage big data. ›› More

Editor's Picks: Online Solutions & Resources

McKinsey Global Institute Report: Big Data

The challenges and opportunities presented by Big Data are hardly unique to the insurance industry, and experts envision the pervasive use of modeling and data science reshaping industries from manufacturing to health care.

When insurance companies decide to replace core processing and administrative systems, things can get complicated. In the case of Middleton, Wis.-based Capitol Insurance Cos., replacement of its policy administration system was part of a recently completed multiyear reboot of its entire technology infrastructure. ›› More

While the use of data and analytics to improve business processes has become more prevalent throughout the insurance industry, certain sectors and firms are taking the lead when it comes to pushing the envelope with data technologies. ›› More

The use of big data is most effective when harnessed to an overriding strategic vision. Howard Mills, chief adviser for the insurance industry group at Deloitte L.L.P., explains how the use of big data to turn out the vote in the 2012 U.S. presidential election is instructive for the insurance industry. ›› More

Editor's Picks: Online Solutions & Resources

"We need to prevent insights from dying in the big data avalanche"

While many actuarial departments and underwriting teams have longstanding experience working with large data sets, the insurance industry will need to rethink and fortify existing business processes in order to avoid being overwhelmed by data.

Few applications exemplify the potential of big data to revolutionize business processes within the insurance industry more than telematics. ›› More

The insurance industry is spending more time and money on analytics and big data. Mark Breading, a partner with insurance advisory and research firm Strategy Meets Action, discusses the challenges and opportunities that such a wealth of information presents. ›› More

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