Marketers Bringing Action to Big Data

Jaimie Pickles, GM of Insurance at Jornaya writes about how marketers are able to see moments on a customer’s digital buying journey, but that the key is to connect those moments and see the whole process in this article in Insurance Thought Leadership.

Below is an excerpt. Read more here. 

Today’s mobile, social world has created an explosion of data that is presenting great opportunities for all industries, especially insurance. Consider that by 2020 new information produced per second for every human being will reach 1.7 megabytes. And the volume of big data will increase from 4.4 zettabytes to roughly 44 zettabytes, or 44 trillion gigabytes.

With large data resources, carriers and their customers are collaborating more efficiently, resulting in better, faster, and more valuable interactions that in the end are intended to deliver a better consumer experience. They’re also entering a time where they can be more accurate and precise. For example, the data available today enables theoretical “pools of 1” versus the typical insurance pools that have led to risk sharing across large groups of people. In addition, the vast majority of data is unstructured—or social media postings, online and offline shopping activity, emails, reports, and interviews. This isn’t the data we’re used to and the implications of this potential has both pros and cons for insurance.

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