Insurance Review - Summer 2013

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Big data: How information is changing the rules of insurance Insurers today face a challenging environment: traditional products are becoming commodities, and their success depends on having insights into what customers are seeking. Against that backdrop, insurers that can effectively use data to drive improved enterprise-wide decision making and responsiveness will find themselves among the market winners. Data today comes from many sources which are expanding exponentially: internal insurance systems (policy, claims, etc.) and external sources including the Internet, social media, mobile, and telematics information, among others. Insurers that can use this high volume of data through improved analysis techniques, technology, talent and organizational changes for better decision making, will gain a significant competitive advantage. Effective use of data can improve decision making and help get a competitive edge 2 Changing the rules of insurance

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