Relevant practice area(s):Short-term Insurance, Data Analytics
Suggested audience knowledge level: Foundational and Intermediate
One of the popular words on the buzz these days is Big Data and how it can transform the financial industry. Big words (aka buzzwords) need to be explained to more practical terms before they can be meaningful.
Financial institutions ambition is to move from being data poor to being data rich. Big data can certainly make you data-super-rich and help you get closer to your customers (a little too close some times). However, having the data does not mean you automatically become insight rich.
Institutions need to see big data as a tool-set that can help you or break you. To achieve the former, you need to prepare the organisation in many ways. Big data is not a case of plug-n-play initiative that simply comes with solutions. Do you have a healthy Big-Data-Culture to improve your insights and drive appropriate actions?.