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Harnessing data for insurance: Overwhelming or exhilarating? | The Business Debate
Insurance and reinsurance companies still struggle to turn raw digital information into analysis and insight. Data pervades every aspect: underwriting, claims, portfolio. Data wrangling to find patterns Across the policy life cycle and customer journey, it's all about enabling access to information and tapping the latest methods for finding patterns in raw data to: identify profitable growth opportunities develop insurance policy language and wordings underwrite and assess risk with more precision increase operational efficiency manage claims—more seamlessly, accurately, and quickly manage accumulation of exposure to catastrophes and extreme events The world's leading data and analytics firm in the insurance sector, Verisk, helps clients with all of the above as it handles billions of transactions every year. Finding patterns is hard without these factors: large-scale data ingestion, processing, staging, analytics, modeling, automation, and artificial intelligence (AI) by function