Driving transformation in the insurance sector through trusted data and technology

FTI Consulting
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[co-author: Nicole Austin]

In an expert forum with Risk & Compliance magazine, FTI Consulting’s Peter Kelly and Nicole Austin discuss driving transformation in the insurance sector through trusted data and technology with Bill Conners (ForMotiv) and Ryan McMahon (Cambridge Mobile Telematics).

R&C: What do you consider to be the most important new sources of data for insurers? Why does the insurance sector need these data sources now?

Austin: We would define ‘new’ sources of data as ‘nontraditional’ data, as opposed to standard economic and demographic data, which insurers and actuaries have been using for a long time. Some of these forms of nontraditional data, from third-party marketing databases, for example, have been available for decades, and it is how we use them that has changed. Data about what we believe – behavioural data – and how we think – psychometric data – are relatively unexplored in the insurance context and so far, are proving to be quite predictive

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