Insurers generate vast quantities of data – and receive much more from external sources – representing a big challenge in terms of knowing how to use it and how to obtain meaningful insights.
A cross-industry Accenture analytics survey from late 2014 indicated that companies that have completed at least one project are very satisfied with their initial forays into big data. The vast majority who have completed projects report that they are satisfied with business outcomes and that their big data initiative is meeting their needs.
The survey also showed that the bigger the organization, the better the results, perhaps because big companies bring more discipline to the table. Larger organizations start with focused initiatives, rather than trying to do everything at once.
However, big data demands big (and broad) learning. Users begin big data projects thinking it will be easy, only to discover that there is a lot to learn about data as an asset and about analytics. Talent is another important consideration. With big data talent in short supply, successful users source skills wherever they can find them, leaning heavily on external, experienced resources.
Insurers who haven’t tackled a big data project should do so, the sooner the better. It’s better to disrupt than be disrupted.
For more information:
- Download the Accenture survey report Big Success from Big Data