Chicago Insurance Forum to emphasize shifting the cultural mind-set of the industry to a data-centric approach

The insurance sector has been grappling with data for decades and is perhaps one of the oldest institutions to practice what we would now consider to be Data Science and analytics. The inherently risk averse nature of Insurance has historically demanded Actuaries to implement rigorous statistical and mathematical processes to enable the quantification of risk into a packaged, saleable product. Although insurance organisations have long been aware of the applications of data for business gain, there has been renewed interest in Big Data given the diversification of new sources now available through the exponential growth in technology.