Some of it can be useful, specially using it to understand consumer sentiment, but understand it is not perfect yet. Think about the unstructured data you collect, like all the social data signals.There will always be missing gaps when you’re’ dealing with so much data identify which segments the data impacts.The data you consume has to meet your specific taste-ensure it is useable in your systems and can mix well with those sources.Understand where the data is coming from and how it’s being serviced trust the sources Data is not unbiased you can’t believe data alone on statistical faith.Understand the stability of the data, it will impact how you analyze this information.It should always tie back to a reliable source to get to a single version of the truth The data you gather needs to connect to your other data sources to ensure it is accurate.Srivastava has a few tips for insurance leaders in their data-driven mission: It’s really about the insights that can be driven from the right data sets. Today’s modern insurance organizations require custom-tailored reports, dashboards, and business intelligence (BI) platforms that provide interactive insight which helps to ensure mission success. ![]() Ultimately, data value is stunted until it is disseminated in a digestible format that provides context at a regular frequency. “You really need to understand where the data came from to gauge its value.” “Don’t take the data at face value,” said Srivastava. Insurance patterns are notoriously unpredictable, with extreme variances based on everything from environment to population, so it is important to understand how stable the data is, as well as the source of the information. For insurance companies it’s vital that the data is not only accurate, but that it can help confirm assumptions. Data has no real value if it does not help answer a specific question. After all, having enough information to make a decision is not necessarily enough information to make a good decision. In a world awash in data, it’s more important than ever to plan and execute initiatives with a thorough understanding of the quality of available data. “It’s important to start with the purpose of the data and ask yourself ‘how can this data help solve a problem?’ “You must understand the good data from the bad,” he explained while speaking to over 100 executives from various insurance companies at this year’s Predictive Modeling Conference in New York City. But is having access to all this data a good thing? Not necessarily, says Dun & Bradstreet’s Head of Global Analytical Services, Jayesh Srivastava. Over the past few years, advances in computer technology have led to an explosion of new data sources for insurance companies to investigate. ![]() Being able to analyze and understand this information has always been fundamental to an insurer’s sustained viability so to say data is an important aspect of what they do is an understatement. ![]() 10 Tips to Maximize the Use of Data and Analyticsįor decades, the insurance industry has relied on raw data to understand the financial impacts of risk and exposure, after all, that is the heart of their business.
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