Insurance News: Building the digital core with data quality

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Data quality and data architecture are now recognized in insurance and most other industries as the fuel needed to solve our biggest problems. Building the digital core of any organization only works when you have the data it needs to work.

In this issue of Insurance News Analysis, Abby Compton and I discuss how insurers are using data to adjust to the changing risk landscape. There was a lot of discussion in Davos about stopping investment and underwriting in the coal industry for both reach zero and prevent premium increases. As insurers consider clean energy alternatives, they won’t have the same actuarial data or loss history that they have long used for fossil fuel businesses.

How heat-related illness and death rises with global temperatures, we are seeing the emergence of public organizations to collect data in hot spots where the risk of disease and injury can be unusually high. Insurers across the spectrum of life insurance, workers’ compensation, and group and voluntary benefits can count on these public-private partnerships to help clients mitigate and manage heat-related risks.

In my last blog I described three levels of insurance industry data analytics. A new survey of European insurers shows that 80% of those who use predictive analytics report a positive business impact. But they also say they’re struggling with interior space stretched across. large amounts of data. It’s also a workforce issue as insurers look for the talent they need to work in data analytics.

We will also discuss the skills required to cybercrime protection and how is it going VR insurance simulations may play an increasingly important role in the development of talent as the metaverse expands.