Outside Intelligence launches big data application for insurers

Outside Intelligence, a search-based applications (SBA) provider, has launched an application for insurers that allows them to mine, analyse and organize ‘big data.’

Big Data consists of data sets that grow so large they can become awkward to use. Data capture, storage, search, sharing, analytics and visualizing all become problematic when a dataset has gotten too large for existing database management tools, according to Wikipedia.

InsuranceIQ continuously monitors big data sources from internal and external systems and databases. It allows underwriters to more efficiently and accurately assess and price risk. In addition, it helps monitor risk profile changes such as mergers and acquisitions, new product exposures and other changes that impact the book of business.

“We know it’s a challenge to incorporate all the data out there to support our underwriting team,” said Mark Cairns, divisional CIO at RSA Canada.

“It was important that the solution provide a single view for our underwriters that combined both structured and unstructured data, whether that data was internal or external from the myriad of available web sources.”