The Future Of Insurance: Analytics, The Internet Of Things, And Machine Learning

Data and analytics are and always have been at the very heart of the insurance industry. Successfully setting insurance premiums depends on being able to accurately analyze the risks involved. And as digitalization takes hold, data and analytics are becoming even more important to the industry. In addition to the plethora of data that insurers hold in their own systems, the Internet of Things, social media, and insurers' increasingly large ecosystems of partners and suppliers offer a wealth of structured and unstructured information that can be used to drive new business models, greater efficiency, and increased competitiveness. This is also highlighted in a recent report, "Insurance Megavendors Shift Focus to Digital Platforms," where Gartner compared some of the top vendors in the industry on their data and analytics capabilities.