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Market Insights

Data is the insurance gold mine hiding in plain sight

Insurance companies have always used a mix of internal and external data sources to make underwriting decisions.

By Bill Dague | July 18, 2019 at 05:30 AM

Internal data can include information collected when writing policies, historical claim and payout statistics, and actuarial tables built over time. External data can include everything from traffic patterns to demographic profiles to inflation and other macroeconomic variables. (Credit: Freedomz/Shutterstock)

Data has become the world’s most valuable resource. And the hunt is on.

Companies across all industries compete for information in order to gain an edge in the way they conduct business. Five of the most valuable companies in the world — Apple, Alphabet, Microsoft, Amazon, and Facebook — are largely entrenched in the data industry.

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