The magnitude 9.0 earthquake in Japan in 2011 shattered lives. The destruction surprised the world since few expected a catastrophy that large. Much of the damage could have been avoided if seismic model uncertainty were taken into account. Business is not different, data analytics without understanding of uncertainties can lead to directly harmful decisions.
The Financial Services sector is in transformation mode. It is not enough to have a FinTech collaboration or a team of in-house digital experts. FS institutions have to adjust their existing corporate culture and the overall business model significantly.
Big Data is bringing decisive advantages to insurers through more relevant, detailed, and up to date information. Insurance executives globally are trying to work out what all this means for their customers, their operating models, their bottom lines - some are successful, some are struggling and some have other priorities.