How can insurers leverage big data to improve their processes?
Big data is not just a buzz term any more – as consumers demand more from insurance companies, the need for a more efficient way to examine risks grows as well.
The opportunities big data analytics presents are endless in helping companies transform the way they see and manage large pools of information from consumers. This, in return, will impact not just the service they provide to their clients but also their range of products and pricing.
The challenge now is for firms to realize the power this innovation holds. Many are still skeptical about privacy issues, while others are unsure on where to start. But as the industry continues to transform, an insurer’s success will ultimately be determined by how they are able to leverage technology to their own benefit.
In this exclusive interview, Limelight Health CEO and co-founder Jason Andrew tells Insurance Business how big data provides an opportunity to build an insurtech space that is digitally transparent and ethically sound. He also discusses the privacy issues surrounding the adoption of big data and how the industry tackles it.
This article originally appeared on InsuranceBusinessMag.com. To read the full article, click here.
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