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The Smart Insurer: Embedding Big Data in Corporate Strategy

BearingPoint. Institute The smart insurer: embedding big data in corporate strategy Big data brings a host of new players to the insurance ecosystem Telecommunications, retailers, automotive companies and data providers/aggregators are the new players innovating the insurance ecosystem |10101 0010110 Data providers TomTom sells insurance packages, as well as partnering with insurers Automotive 1010100 0110111 Manufacturers such as Volkswagen provide insurance packages to 001001 1 001 0110101 customers and non-customers 1 10110 1010100 001 00 11010 1011011 1 011 1000 00 110 11010 1 011011 1010 Data-flow relationships 001111 101 0000 00 Big data in auto insurance – driven by data aggregators, data providers, smart routing, style of driving and fuel efficiency – will help insurers move towards low-cost insurance packages and better business models for motorists and other consumers Retail Consumer Personalised packages are created from data collected from destination, driving ability and lifestyle Retail chains like Tesco offer life and home insurance to families Telecommunications Telematics can help insurers provide more competitive cover and collect consumer data Data aggregators Google provides consumer data to insurers, which influences insurance packages for consumers 0010110 0110111 10110 00 10100 0011100111 1011011 101010 0 00111 0011100101 10011 1010100 0110101 0010110 0 INSURER 0 10 1011011 100 0110 10 Personal data: abundant and affordable Personal milestones in life, such as moving home, getting married or becoming a new parent, prompt major changes in buying patterns and generate valuable data for insurers at bargain prices CD General information, such as age, gender and location is worth Car buyers are worth about €0.0015 per To access a group of people with specific health conditions or taking certain prescriptions costs data buyers person, or €0.36 €1.53 €0.18 per 1,000 people per 1,000 people per person Sources: BearingPoint, Financial Times, Telecom Engine, Volkswagen, Tesco, Google BEIO04-BDI-IN 0110 010110 0110111 1011000

The Smart Insurer: Embedding Big Data in Corporate Strategy

shared by BEI on May 12
Barely an hour goes by when each of us doesn't shed valuable data that can be collated to paint a picture of our lives, but more importantly, predict our futures. Being privy to such information bring...


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