Big data has become an increasingly important issue for tier-1 insurers as the management and utilization of big data is critical to competitiveness within the insurance industry; all companies must start to tap the benefits of big data before it is too late, according to a recent report from Gartner.

The transformational impacts that big data initiatives have on insurers, as well as the lack of data governance, IT foundation and IT investments to support big data initiatives, may be what’s behind the struggle. According to the report, big data initiatives will require larger investments in data storage, new analysis tools and possible legacy system replacement.

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