The ability to store, manage, and analyze big data is crucial for the future of the insurance and reinsurance industry. Big data—volumes of data too large and complex for traditional storage and processing methods—is a key component to managing risk across an enterprise comprising billions of locations and thousands of treaties across multiple lines of business. It is used to influence underwriting, rating, pricing, forms, marketing, and claims handling.
As big data quickly becomes the new standard in technology-driven enterprises, advanced data analytics has become a key to competitive advantage. The challenge many insurers and reinsurers are facing is how to store and process all that data so they can obtain a detailed view of their risk accumulations and extract meaningful insights that enable enterprisewide risk management. In this Visualize article Colette Karakashian and Rachel Wisch discuss centralizing big data in the cloud and Verisk’s Enterprise Exposure Manager.