Data Strategy for Insurers: Key Issues and Best Practices

Report Summary

Data Strategy for Insurers: Key Issues and Best Practices

Mitch Wein
Head of Financial Services CIO/CTO Advisory

September 2018 - The insurance industry has embraced data analytics to drive business results. Using large warehouses of internal data, augmentation from third-party providers, and big data sources, data analysts are driving product R&D and predictive modeling as well as influencing strategy at all levels of the organization. However, many insurers are dealing with the challenges of diverse core systems, little data integration, and limited agreement on what data assets mean. Instead of mining for insights, many insurers are still struggling with basic data quality and completeness issues. To resolve this, carriers need to develop a comprehensive data strategy which looks across the entire organization: at people, process, and technology.

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