Helping insurers compete in the age of disruption

The changing relationship between data, analytics and trust.

Insurance has always been about risk transfer driven by data and analytics. Insurers were conducting in-depth analyses long before computers or big data. And, much to the same degree, insurance has also always been about trust, risk mitigation and protection. But over the past decade, the relationship between data, analytics and trust has changed, posing significant opportunities and challenges for the incumbents in the insurance sector.

The rise of smart, connected devices, the internet of things (IoT), well-funded InsurTech start-ups and sophisticated data and analytics is disrupting the industry. The flood of new data is allowing insurers to track how insured ‘things’ move through the risk universe.

With this trove of fresh information, insurers now have a sizable opportunity to deliver new benefits to their customers and to society as a whole. In fact, prevention over protection is quickly becoming the new norm. It is quite clear that analytics will be a mainstay for many of the decisions that insurers make in the future and as this trend continues, more focus will need to be placed on ethical questions and the power of trusted analytics.

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