If there were a competition for breathless hype in technology, big data would be the current champion — there’s even a Brooklyn-based band by the name. And though the phrase is ubiquitous in boardrooms and IT departments across categories of companies, the insurance industry is in many ways taking the lead in getting real business value from the volume, velocity, and variety of massive datasets.
Why are insurers taking this challenge on at the same time they are grappling with core-systems transformation, evolving customer expectation and regulatory upheaval? Well, says Pawan Divakarla, big data business leader at Progressive Insurance, “Big data actually does work.”
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