Precise pricing cannot be accomplished through flawed data. Understanding the exact risk involved allows companies to underwrite wisely or walk away from a potential loss. (Photo: Chaay_tee/Adobe Stock)
Data has been a focal point for the industry for some time, and that only seems to be accelerating. Whether we're talking about new data sources, using third-party data to avoid asking insureds for information, looking at how we structure our data models and warehouses (or lakes, but hopefully not swamps!), implementing data governance or something else, data is as much a buzzword as embedded, AI, IoT or anything else.
Unlike many of those buzzwords, however, data is very much a reality, and has been since the beginning of the industry. After all, the entire premise of pricing insurance is born from data.
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