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Data Saving the Day for Insurers

Insurers have been stuck with the label "data rich, information poor."

By Robert Regis Hyle | Updated on September 29, 2010

Compare your data project to cleaning out the attic. It can be a dirty and dusty endeavor, but once it’s done and everything is clean and sorted you discover some of the items that were buried in the corner are not only useful, but valuable possessions.

Unfortunately for the insurance industry, taking on a data project can take quite a bit longer than cleaning out the attic or the basement. Too often, it can be overwhelming. Insurers, instead, just listen to the complaints about the data.

“All companies complain about their data,” said Deb Smallwood, founder of the research and advisory firm SMA, Strategy Meets Action. “But when you look at the list of projects they have planned, very few of them are data projects.”

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