Big Data at a Top 5 Property and Casualty Insurer
Started in 1922 by a handful of military officers who offered to insure each other’s vehicles when no one else would, the insurer has become a financial services powerhouse, offering a broad range of insurance and banking services to military members and their families. The size of its customer base and breadth of products make big data a natural next step in the company’s already-advanced technology portfolio. Consistently named one of the country’s best places to work and lauded for its many customer service awards, the insurer has made understanding customer behaviors and preferences core to its mission. “We have a strategy of continuing our evolution as a ‘relationship’ company,” explained the Lead Information Architect in the insurer’s BI Lab and one of the visionaries behind the company’s big data roadmap. “This means taking into account as many data sources as possible, and being able to harness as many new types of data as we need.” In addition to cultivating a deeper view into customers’ product needs and service preferences, the insurer is using a new crop of big data solutions for fraud detection—monitoring data patterns to pinpoint “points of compromise”—using telematics data to provide in-vehicle service, and sensory telemetry information for its mobile apps. Source: Big Data in Big Companies, Thomas H. Davenport and Jill Dyché, May 2013 (Go to Suggested Readings to view full article)
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