Business intelligence, big data, analytics—whatever buzz term you apply, there is huge value for insurance agencies and brokerages in the data that they collect from insureds.
The challenge—or the opportunity, as Kevin Smith, product manager for agency software provider Applied Systems points out—is managing, accessing and making sense of those numbers. "Collecting data is not a problem. The reason it is called 'big' data is because over time, the amount of data you have explodes exponentially. And it's difficult to handle."
Especially at insurance agencies and brokerages, where employees have top-notch service and relationship skills, but whose knowledge concerning statistical analysis may be lacking.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
