How can insurers take analytics to the next level and use alternative data sources to broaden engagement with digital consumers? (Photo: Shutterstock)
Insurance has always been a data-driven business — just ask any actuary or underwriter. However, the incredible volume of personal information becoming available through sensors, third-party aggregators, and other alternative sources, as well as the evolving technology tools to make sense of it all, have not only bestowed an incredible bounty on the industry but are raising red flags as well.
A running theme throughout Deloitte's "2020 Insurance Outlook: Insurers adapt to grow in a volatile economy" is how insurers should take analytics to the next level and use alternative data sources to broaden engagement with digital consumers. The outlook also emphasizes the flip side, looking at potential pitfalls of expanded data access and analysis, including heightened cybersecurity and privacy considerations.
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