Big Data & Analytics

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The smart phone checking your blood pressure, your car’s navigation system, your web navigation – just three examples of solutions that, in addition to making your daily life easier, produce data representing your health and motor liability risk profile. New paradigms are emerging from sensors, devices and software.

The move into technology and data – in short Big Data & Analytics – will have a far reaching effect on the insurance value chain. For example, Big Data is spurring new partnerships across sectors with completely different risk appetites and skill sets to create something new. Over the next years, Big Data wills increasingly shape business models, products, operations, clients’ buying behaviour and the regulatory environment.

There are many unknowns, though, like the question of what happens in case of failure of Big Data featured products and services. Chief Risk Officers have the task to adapt to the fast changing landscape and help companies quickly strike the right balance between opportunities and risks. This paper provides road maps and practical tools to deal with the challenges set by Big data.

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Posted on by CRO Forum
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