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The Future of Insurance: How Big Data and Cognitive Computing are Transforming the Industry

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.