Data, Data, New Data Everywhere: Property/Casualty Edition
Celent has asked technology firms which provide various types of new data to insurers to enter information about that new data product into a new Celent Digital Service, VendorMatch. This report presents certain extracts.
Key research questions
- What is “new data?”
- Who is providing new data?
- Where might new data provide value?
There is an explosion of new data sources and firms providing access to that data. This phenomenon, with a boost from new analytic methods, will remake products, pricing, underwriting, and claims.
In its request to technology firms, Celent defined “new data” as data which has not been in common and general usage by insurers. Each technology firm used this criterion to determine what types of new data product to enter. In other words, the decision to enter any type of new data product into VendorMatch was made by each vendor, not by Celent. Celent requested that each type of new data product be offered on a stand-alone basis — without a requirement that it be bundled with an analytic or other solution.