How harnessing external data can transform the profitability


As noted by McKinsey in a recent article: “Although external data sources offer immense potential, they also present several practical challenges.“

To deliver maximum context, data experts must gain, verify, process data into the right format, and create references to the appropriate internal data. Insurers can share highly detailed post-weather event data, which enables claims teams to settle more claims with increased accuracy. They can also use the data to review and share recent past weather data within various territories. Once insurers have identified additional sources of external data, how do they ensure they are gaining joined-up insights?