Dear Insurance Industry, It’s Time to Join the 21st Century and Embrace Data

Many (re)insurers refer to themselves today as data-driven organizations, but the reality is that most are not. This perpetuates much of the industry’s traditional legacy mentality. In a true data-driven organization, data flows up, down and even side-to-side. Data empowers every employee, from the most junior level all the way to senior executives, to make decisions, and to communicate the rationale behind their decisions and motivate action. For an industry that relies heavily on accurate information, most (re)insurance companies today don’t have enterprise-wide big data strategies.