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How Dark is Your Data? - Turning Big Data Into Actionable Insights

Posted on September 27, 2016 by Libbie Cedeno in Digital Insurer

The real issue with big data analytics in the insurance industry that isn’t discussed enough is: What do you do with the vast amounts of data that you have access to?

Even if you put in the time and effort to establish the infrastructure to capture data intelligently, you still need a plan in place to help you turn that giant pool of numbers and letters into actionable insights.

It’s called dark data.

Dark data is operational data that is not being used. Consulting and market research company Gartner Inc. describes dark data as "information assets that organizations collect, process, and store in the course of their regular business activity, but generally fail to use for other purposes."

How can you turn dark data into a competitive advantage?

Vertafore wants to help you get there.

The answer for each agency is going to be subjective. There’s no silver bullet. But there are few things you can do along the way that will help you understand the data needs of your business and where to start. The first thing you need to have a good grasp on is where your agency currently stands in regards to your own abilities to manage your data. Understanding the landscape of your own business will give you a starting point and get you headed in the right direction.

I suggest you start here, with a quick quiz we’ve created to help you assess the visibility you have into your data.  

And remember, things are always the darkest before dawn. Don’t get discourage if there’s a lot of work to be done. You’ve made it this far for a reason. You understand the market is constantly changing and you’ve done what it takes to adapt – data analytics is the next big thing you need to focus on.

Click to take the Quiz

How are you feeling about your results? Good? Bad? You might have more questions than answers, but here’s some good news, Vertafore has a free e-book you can download full of advice about how any insurance agency (of any size) can use big data analytics to their advantage. We do ask for an email address so we can email you blog articles (like this) once a month, but I think you’ll find them extremely helpful. And if you don’t, you can always unsubscribe.

Download the free e-book: Moving Your Business Forward with Data Analytics: Strategies and solutions to help companies of all sizes derive big value from big data.

If you’re looking for more personal guidance for your agency please don’t hesitate to use the “Contact Vertafore” button below. Our goal is to help your agency use technology to create a competitive advantage, let us show you how.  

Libbie Cedeno

Ms. Cedeno is a member of the Small Agency sales team at Vertafore arming independent insurance agents with the most complete and adaptable technology in the market. Libbie has 12 years of experience in a variety of different roles for prominent insurance companies like Allstate, Liberty Mutual, and Travelers. This experience makes her uniquely qualified to provide her customers with expert advice about how they leverage technology to accomplish their business goals.

 

 
 

 

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