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Insurers increasingly realising the value of big data
Reflections on key issues raised at the techUK’s roundtable on the value of big data in combating fraud in Financial Services and Insurance held at techUK on 4 June.
The amount of data being created by the insurance industry is vast and likely to increase in the future with the rise of telematics and internet of things enabled devices. With this increased volume of data and the evolution of data analytics, the opportunity to make data driven decisions in real time is fast becoming a reality for the finance sector. However, is the insurance sector ready to embrace a big data driven future?
In this context, it was an ideal time for the techUK big data & analytics programme and financial services programme to host a joint roundtable to discuss the value of big data in combatting insurance fraud. With presentations from Paul Gibson (Digital Reasoning), David Hartley (SAS) and Jai Velapakam (Dell) the delegates heard from leading experts from the big data & analytics industry on the revolutionary impact of innovative data analytics solutions in addressing insurance fraud.
Following the presentations, the meeting opened to a wider discussion where there was agreement amongst the delegates that big data posed huge value to the insurance sector in reducing fraud and saving money. The use of big data is particularly relevant to analyse fraudulent insurance claims a huge challenge within the industry increasing costs for both the provider and policy holder. It was felt that while insurers were increasingly realising its value to their organisations there was also agreement that the uptake of big data analytics within insurance firms was often slower than other industries. In analysing the reasons why this was the case, delegates highlighted the cultural challenges of innovation, the lack of analytic skills and difficulties for data analysts to obtain the required domain expertise as key barriers to uptake.
The techUK Big Data & Analytics programme is exploring the big data opportunity in a series of events looking at the value of big data. The next event will take place on 16 June and asks "what does it mean for Government?"
The techUK Financial Services Programme has been taking a more in depth look in recent months at the ways in which technology is driving change across the sector. The next event in the series on insurance will focus on The Challenges of Legacy Technology in Insurance and is scheduled for 25 July , from 3:30-5:00pm.
