RISK: Big data finally set to change property insurance market

Despite talk of data collection influencing other sectors, Britian’s Financial Times has found some experts who are still skeptical whether that kind of analysis has impacted on the property insurance market.

Opta Information Intelligence, a company that helps insurance and corporate clients manage and authenticate risk information, has demonstrated its potential in the Fort McMurray disaster.

It’s a field that’s poised to revolutionize the industry — data sources could streamline costs, help executives target the risks they want to underwrite, identify new clients, and predict fraud.

The FT points out that one way insurers can collect that data is through home monitoring systems. Read more about it here.

This story was originally published by Canadian Insurance Top Broker.