How Insurance Companies can monetize their vast amounts of data

A survey of 15 Ugandan Insurance companies shows that only 26.7% of them have undertaken data analytics trainings and within this percentage, a meagre 3% of staff know how to use their data analytics solutions to make data driven decisions.

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Insurers have lagged behind other industries in their investment in and adoption of analytics. As first movers among insurers create new business models and seek to harness the potential of their data, those that wait will be at a significant competitive disadvantage. The exploding volume of data available to insurance carriers is giving rise to new business models, revenue streams, and enormous opportunities to increase value.

But, most insurance companies do not want to invest in expensive big data solutions, that require a minimum of US$30,000 considering most of them have cost efficient driven business models. However, this cost efficiency comes at a cost. While rival firms are developing solutions using big data architecture, these others lag behind in competition even with the abundance of customer data in their core systems. Because it is useless to have a resource that you do not use…

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