Today, two major factors are poised to change the insurance industry in a way it hasn’t seen in more than 50 years—emerging capabilities enabled by cognitive computing and big data, and an empowered consumer. We are starting to get a glimpse of the possibilities these trends hold, as well as the challenges they represent. To understand their full impact on the future of the insurance industry, we need to look at the past to understand how paradigm shifts in the insurance industry follow paradigm shifts in the underlying computing technology. If history is any indication, these technologies will usher in a new paradigm for the insurance industry.
Discovery and Exploration
Harness the Power of Big Data is the latest book by several authors of Understanding Big Data, the hugely popular book that debuted in 2011. Big data represents a new era of computing – an inflection point of opportunity where data in any format may be explored and utilized for breakthrough insights - whether that data is in-place, in-motion, or at-rest.
Harness the Power of Big Data includes a chapter titled "If Data Is the New Oil—You Need Data Exploration and Discovery." This chapter covers many of the key benefits of IBM InfoSphere Data Explorer, a new product in the IBM big data portfolio that enables users to access all of the data that they need in a single integrated view, regardless of its format, how it’s managed, or where it’s stored. Being able to retrieve data from all available repositories in an organization is a key part of doing analysis involving Big Data, especially for exploratory analysis.
Authors: Paul Zikopoulos, Dirk Deroos, Krishnan Parasuraman, Thomas Deutsch, David Corrigan, James Giles