As is modern society’s way, the bigger anything is perceived to be, the better. From Big Macs (fast food) and Big Ben (accurate time-telling) through to Big Weekends (superior to your ordinary Saturdays and Sundays) and Big Ideas (fundamentally ground-breaking).
So it may not be the shock of the century to learn that ‘Big Data’ strategies are the latest in a long (or rather, big) line of sizeable commodities to come along with a view to changing existing perceptions on a range of important stuff. At least in terms of the insurance sector, as policy providers fall over themselves to deliver big data concepts in terms of the foreseeable policyholder future.
Oh, and just in case you’re not in the big data loop, essentially this refers to complex and far-reaching data sets which take up where the more traditional data processing applications left off; and routinely incorporate analysis, capture, curation, search, sharing, storage, transfer, visualization, querying, updating and information privacy of all things policyholder data-based.
According to various sources of late, independent researching outfit, Censuswide has concluded a spot of poll-conducting which has revealed that some 83% of British insurance policy providers are citing the rolling out of their own bespoke big data strategies as of the upmost importance to them this year.
Commissioned by Teradata (which itself is all about the analysing of big data and marketing opportunities within), the study sought the opinions of 300 senior-ranking insurance industry figures based in the UK, France and Germany; so as to establish the general vibe amongst current policy-shapers.
The results proved that big data is now regarded as THE number one priority for pan-European insurers looking ahead and planning for the foreseeable, graphically illustrated by the 90% of German insurance movers and shakers who put it top of their agenda for 2016.
Successful Implementation of Big Data is seen as Key to Future of British Insurance Industry for Most Part
Dissecting just how UK insurers’ intend to facilitate big data from this point onwards and the survey suggested that 47% of those insurance decision-makers polled propose to use its applications to help refine their existing customer acquisition strategy, together with improving still further policyholder engagement and tackling fraudulent activities and the on-going prevention of.
Elsewhere, 61% of those having the questions put to them admit to having their own, targeted big data schemes in the pipeline already, with plans to launch them over the next couple of years as a means of enabling profit margins to grow.
Teradata’s Head of Insurance, a person called Lesley Winrow – whilst in discussion with www.itproportal.com recently – went on to outline insurers’ propositions as they look to embrace and seize on the possibilities within the sector’s grasp which the inception of big data promises to deliver.
Winrow concurred; “Although there may be different emphases, we can see that in the UK, as in France and Germany, insurance companies recognise the huge commercial potential in analysing the massive amounts of customer and sensor data, giving them the ability to offer consumers new, tailored products and services as well as more sophisticated risk models to refine.”
There’s little doubt in the minds of the insurance industry that big data represents a pivotal element of the future and its projections, and is considered a vital tool in a variety of applications, so long as those tasked with harnessing its potential set about it the right way from the outset; and in doing so, as Winrow adds, thus providing; “Better opportunities for consumers.”