Tom Chamberlain in Insurance Business: How can insurers evolve beyond "Dark Age" pricing?
Tom Chamberlain, VP of Customer & Consulting, spoke to Insurance Business about the need for Specialty and Commercial insurers to reimagine the flow from data to pricing decision.
"From Chamberlain’s perspective, the data issue facing specialty and commercial insurers stems from two places – internal and external data. For external data, he said, the problem lies in the vast amount of data available.
“Around 100 zettabytes of data was created in the world last year which is only set to grow, with over 10 billion IOT devices already active globally and growing by the second,” he said. “The problem for insurers is efficiently ingesting data that is relevant, without adding to onerous internal processes. Over survey showed 96% of underwriters were rekeying data for over two hours a day, amounting to a whole day wasted over a week.”..."