Not that long ago, the term “Big Data” was introduced into the insurance lexicon. At first, big data was going to revolutionize just about everything – from mundane businesses to space travel. Not to be left behind, insurance publications and analysts started touting all of the revolutionary changes that big data was going to bring to the insurance industry.
Technology is advancing at amazing speeds. Keeping up can be challenging. The good news is that you can capitalize on technology to secure the loyalty of top-performing producers and boost their productivity. The right producer portal solution incentivizes producers to sell more, positively impacting the bottom line.
At first glance, insurance sales and big data may seem to be at opposite ends of the spectrum. The former is a personal business, built on established trust and mutual understanding. The other, when applied improperly, adds up to nothing more than a bunch of numbers.
In many respects, the property-casualty industry is slow moving when it comes to new technology. However, the industry is on the front line of societal and business change and must develop and launch products that meet specific needs in the marketplace.
Right. The “cloud” or cloud computing, a term that means different things to many people but retain the same basic concept: my data, in the sky. For insurers, this could simply translate to less investment in hardware, increased scalability, and reductions of IT maintenance costs. But wait, there is more!
The analyst community has been reporting about how Business Intelligence (BI) will be a crucial element for insurers to achieve business success into the future. Numerous researchers have issued reports on the key role analysis and access to accurate data will play in the years to come.