In the insurance business, most technology change has been characterized by evolution, not revolution. However, some technology advances have been transformational, and big data is poised to be counted among them.
"Big data is a major part of the digital revolution, simply based on the sheer explosion of data available to companies," says Denise Garth, partner and chief digital officer at SMA.
Big data provides an unprecedented wealth of new information to help insurers achieve longstanding goals. "On one level, insurers are targeting traditional objectives—how can we be profitable, how do we manage risk, and so on—and being more precise in doing so because of the growth of information and increase in analytic capabilities," says Mark Breading, SMA partner.
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