View this article online: https://www.carriermanagement.com/features/2014/10/21/130675.htm
Big Data Analytics: What Are You Waiting For?
The era of “big data” has arrived in the reinsurance sector, yet many firms insist on taking a customary “wait and see” approach—not only with big data but in-house small data automation as well.
Executive Summary
Reinsurers can't afford to ignore the potential of big data, argues Xuber's Craig Robinson. In this opinion piece, Robinson suggests that new players with third-party investor backing are muscling into the reinsurance business using expertise in data analytics to their advantage. For reinsurers to benefit from data analytics, they first have to solve data migration problems and get the right talent on board, he says. Executive Summary Reinsurers can’t afford to ignore the potential of big data, argues Xuber’s Craig Robinson. In this opinion piece, Robinson suggests that new players with third-party investor backing are muscling into the reinsurance business using expertise in data analytics to their advantage. For reinsurers to benefit from data analytics, they first have to solve data migration problems and get the right talent on board, he says.
Meanwhile, new market players with significant third-party backing are leveraging their data prowess to impress and lure customers away from established firms.
