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Big Data brings big opportunities for insurers

The more flexible you are as a company, the longer your business model will last. Especially the use of Big Data brings big opportunities as this can improve policy management, administration and settlement processes, therefore resulting in a higher level of customer satisfaction. Robin Roest, Director of Sales and Marketing at CED, offers us a glimpse into the future.

The more flexible you are as a company, the longer your business model will last. Especially the use of Big Data brings big opportunities as this can improve policy management, administration and settlement processes, therefore resulting in a higher level of customer satisfaction. Robin Roest, Director of Sales and Marketing at CED, offers us a glimpse into the future.

“You see everyone looking at how Big Data can be used. There are numerous issues that the financial services industry is struggling with, and that is why CED is developing solutions” explained Robin Roest. “Traditionally, CED manages a vast amount of data, and if that data can be recorded, analysed and used correctly, we will be ideally placed to help our customers. Not only will this data help predict future losses, but it will also help profile (potential) customers and analyse regions, markets and sectors.”

That has proven to be of interest to CED’s customers. “Our data analyses mean that insurers are also better placed to put the nature and scope of presented risks into the context of the observed behaviour of the party presenting the risks - the insured party or the policyholder.”

“As CED we certainly have no intention whatsoever to take over that insurance role from our customers.” Roest doesn’t see the company producing and marketing its own products any time soon.