VersiTrax The Big Data in Insurance and the Big Losses in Outdated Management

The Big Data in Insurance and the Big Losses in Outdated Management

“There has to be a better way.”

At some point in their run, all the successful insurance companies uttered these exact words. From the early 1950s when managers started adopting Univac in place of papers and tabulators, to the digital age where every number among a sea of billions has to be accounted for, technology has made our lives much easier. Ever since insurance policies skyrocketed right out of The Great Depression, people’s lives have been changed for the better. We think it’s time for insurance companies to sharpen their tools once more, just in case some still haven’t.

Knowledge

In a study conducted by Business Insurance, a publication of the eponymous nature, almost a third (28%) of risk managers from industries such as construction, transportation, real estate, and health care haven’t adopted a big data approach yet. Large amounts of information require fast, organized, and accurate processing; things VersiTrax software can do, and then some.

We understand that tech tools require investment from companies dealing with big data, but relying on spreadsheets (as a fifth of the respondents said they do) is not an acceptable alternative. The survey illustrates why companies insist on keeping the inefficient technology—data management is not their top risk-related concern. Respondents even claimed that they lack training in the usage of management software, with some executives pointing out that they do not use computers on a daily basis.

Power

A separate study by technological strategy research firm Novarica confirms that only a handful of insurance companies is committed to big data, despite, in the same breath, recognizing it as the future of the industry. Novarica found a lack of overall knowledge among insurers, information officers, and IT executives.

Matthew Josefowicz, CEO and president of Novarica, mentions that businesses have yet to see the benefits big data can provide, while saying that “companies who have launched big data tools, however, are seeing benefits. They are able to model risk and customer behavior more effectively, leading to better analytics.”

Today, industries are using big data primarily as a marketing tool, observing patterns in online behavior. But, we here at VersiTrax know that insurance companies can derive significant benefits from the software as well, providing a higher standard of service to all their clients while maintaining a future-proof management system.

Integrate the future into your business today. Contact VersiTrax.

Leave a Comment

First Name *

Last Name *

Company *

E-mail address *

Phone *

Address

City

State

Zipcode

Interested In?

Referrer/How Did you Hear About Us ?

Comments

1-866-835-2979

Speak with a live sales agent.
Chat Now
Hours: Monday – Friday
6:00 am – 5:00 pm
Pacific Time