Big Data, IoT, and AI Maturity Levels

Report Summary

Big Data, IoT, and AI Maturity Levels

October 2017 - The insurance industry is always grappling with how to best understand and leverage emerging technology in an incremental fashion while continuing to maintain and manage its existing systems. Three emerging technologies that most insurers are interested in or at least monitoring from afar are Big Data, Internet of Things, and Artificial Intelligence.

All three of these emerging technologies are tightly intertwined. AI and machine learning–the next stage of advanced analytics and decision-making–will allow for new insights that were not previously possible. But how do companies gather enough data to give machine learning algorithms the backdrop of knowledge needed to find new insights? That data comes from the Internet of Things. Without IoT, there’s a limit to what a system and an organization can learn.

Any company that focuses on only one of these technologies will find its use of the technology and the value it provides for the future limited. However, this does not mean an organization must become an expert overnight. This brief lays out the incremental phases insurers can step through in order to grow their skills with increasing value at each stage.

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