By now, most insurers understand the potential value that big data could deliver to their organisations. But our experience suggests that few insurers today are ready to take full advantage of the many opportunities that could be captured with greater data insights. Thankfully, there are a number of ways that insurers could start improving their data and analytics capabilities immediately.
Clearly, it will take something of a transformation for insurance organisations to evolve into the type of data-driven, insight-led organisations that are now emerging in other sectors.
But our experience suggests that there are a number of actions that insurance organisations could be taking today to start laying the groundwork:
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