Ordnance Survey: Insurance industry can harness big data analytics

The Big Data Rush: How Data Analytics Can Yield Underwriting Gold.

A study has revealed that the insurance industry needs to adopt new ways of working in order to make sense of Big Data and remain competitive in future years to come.

The research, conducted by Marketforce, the Chartered Insurance Institute (CII) and the Chartered Institute of Loss Adjusters in conjunction with Ordnance Survey, found that 82% of those questioned believed that insurers that do not capture the potential of Big Data will become uncompetitive.

The survey of members of the CII’s Underwriting Faculty also revealed that 9 out of 10 underwriters think that access to real-time claims data would help price risk more accurately, with motor (88%), household (76%) and health (60%) being cited as the insurance lines, where pricing accuracy could be ‘transformed’ by Big Data-enabled pricing models.

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