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Data Wrangling for Insurance

November 11, 2016

Increasingly, the insurance industry is turning its sights on big data and advanced analytics. Just four years ago, only 9% of insurers were investing in big data projects, which jumped to 25% in 2014, illustrating the industry’s burgeoning big data interests.

Today, big data is considered a “game-changer” by almost 40% of insurers. Additionally, a 2016 Accenture survey of 561 Chief Security Officers found that 94% of insurance CSOs believe big data and other emerging technologies—machine learning, automation, and cloud storage—will impact their business over the next five years. Yet a mere 20% of CSOs interviewed—and only 18% of insurance CSOs—consider their firms prepared to leverage these technologies. That is where Trifacta steps in.

Trifacta is working with several leading insurers on cutting edge big data wrangling and analytics work to improve offerings, speed consumer insights, and differentiate in the market.

Big Data Drivers: Why Insurers Care About Insur-Innovation

Along with declining profitability, regulatory changes, and the desire to maintain competitive advantage, there are several key drivers of big data innovation and implementation specific to the insurance industry.

Since 2012, Trifacta has driven change in all of these areas, working with top insurers to increase profitability, manage risk, and strengthen their market position.

How Zurich Insurance Group Makes It Rain with Trifacta

Zurich Insurance Group,  a leading global insurer, sought to create more accurate risk models to improve their bottom line, provide better rates, and further their competitive advantage. Trifacta helped Zurich’s team  quickly explore and transform new and complex external data sources, such as weather data, to refine how they calculate the risk of potential insurers. Trifacta allowed the firm to easily wrangle unstructured data, not immediately ready for analytic use, to more efficiently explore and distill datasets to be used in risk models.

Beyond Zurich, we’re seeing countless new insurance companies take new strides in analytics innovation and efficiency. Munich Re, one of the biggest re-insurers in the world,  is building more comprehensive risk models by bringer more data features together and validating their assumptions at scale. Enstar, a large managing insurance, reinsurance company, are building reserving models, loss forecasting and claim analysis on a daily basis with help from an expert team and the right technologies.

Become an Insur-Innovator with Trifacta

Whether you need to meet higher consumer expectations, lower costs, or differentiate in the insurance market, Trifacta can help. We are proven innovators in insurance big data wrangling and analytics, and we will support you in achieving your next level of tech success.

To learn more about Trifacta, download our customer success story on The Royal Bank of Scotland.