Big Data

International Insurance Society
IIS 50th Annual Seminar, London 2014
Big Data in Insurance
Deloitte Consulting LLP
June 22-25, 2014
AIG to invest billions of dollars in big
data as part of its major focus on
rebuilding the foundation of the
~ CEO Robert Benmosche
Less than 1% of world’s data is analyzed; less than 20% is protected ~ IDC
Understanding Big Data
What is Big Data?
 Internal and external multi-structured data, generated from diverse sources in real
time, in large volumes and with high velocity
 Differentiated from ‘other data’ in its inability to be captured, managed and
processed in a reasonable time, using traditional technologies
Why Big Data is such
a big deal?
Why is Big Data so
important for CXOs?
 Creating a critical competitive differentiator by shaping consumer behavior, while
helping CXOs optimize critical business decisions
 Heralding a fundamentally different way of doing experimental design, by collecting
every bit of data and then searching for significant patterns1
 Companies with the best analytic capabilities are outperforming competition and
are now twice as likely to be in the top quartile of financial performance2
 Helping CXOs develop capabilities to target new, unprecedented opportunities by
offering ‘better tailored’, next generation of products and services, based on
detailed analysis of customer behavior and needs
1. Willy Shih , Cizik Professor of Mangement Practice, Harvard Business School,
2.Big Data: The organizational challenge, 2013, Bain & Company
Seizing the Big Data Opportunity
What are the varied
data sources?
How to derive value
from unstructured data?
What are the
challenges ahead?
 Internal and external, unstructured data sources such as archives,
media, internet log files, tweets, email, and data from sensor networks1
 Structured data sources such as Business Apps, Social media, Public
Web, Data Storage, Machine log data and Sensor data 1
 Enhance decision making process to enable a company be more
accurate, consistent, and efficient, by implementing following approach:
– Customer strategy
– Product strategy
– Ecosystem strategy
 Developing a culture of ‘Big Data mindset’ with executives to set the
market pace, while addressing concerns over consumer privacy
 Developing a successful transition roadmap from Big Data 1.0 to Big
Data 2.0; from Evolutionary to Revolutionary Big data strategy
1. Kapow Software, Kofax Company,
 Murli Buluswar, Vice President AIG and Chief Science Officer, AIG Property and Casualty
Daniel Ryan, Managing Director and Head of Population Risk & Data Analytics R&D, Group
Underwriting, Swiss Re
Paul Y. Mang, Managing Partner, Avarie Capital LLC
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