Data is King – Insurance and the Modern Monarchy
In 1996, Bill Gates said that “content is king.” Then he predicted a viral pandemic during a TED talk five years before it happened. Bill is a smart guy and while he was terrifyingly accurate about the pandemic, we think his quote about content may be a bit outdated.
New technologies like apps and sensors are all around us and the “Internet of Things” is more like our “Life of Things,” recording and reporting on us every minute of every day. Nowadays, digital applications are available to help us manage almost every aspect of our lives.
The constant in all this is not the “content.” It’s the data.
Freeing Your Data and Revolutionizing the Insurance Industry
Freedom is important in the United States. We are free to speak our minds, to publicly share our ideas, to assemble and protest unfavorable outcomes, and to celebrate a religion of our choosing. We are free to be individuals.
With individuality comes innovation. From how we buy homes to how we protect homes, we are living in an era of technological change. Social media, shopping sites, and analytic services are altering the way we think about our communities. Artificial intelligence and big data have transformed the way we live our lives. As other industries adapt, so should insurance. It’s time for a revolution.
There are a few key drivers for insurance industries to implement the use of big data and big data analytics. Big data can provide insurance firms with valuable insight, and analytics can transform that insight into action.