Thought provoking new study from renowned Startupbootcamp and PwC.
Smart insurers will insist that any digital insurance platforms embeds big data analytics able to surface, analyse and visualise/present/report : -
- structured & unstructured data
- internal & external data
- batch & real-time data
- from multiple, disparate and different data sources & formats
- to make and execute better decisions
- to predict and anticipate
- to gain competitive advantage
Startups can provide access to new data sources or offer new ways to drive value from data: Artificial Intelligence is the primary technology for 41% of SBC applicants. With powerful algorithms, they have the potential to give insurers insights from their vast amounts of data. The clear challenge is how to integrate with the insurers’ existing technology. Rather than attempt to build cumbersome links with old systems, some insurers are taking the approach of setting up completely new technology infrastructure which will allow for easy integration of third party plug ins.