The insurance industry is driven heavily by data. Even before the rise of widely available analytical tools, insurers relied on statistical analysis to assess risk and price policies accordingly. Now, with the exponentially increasing amount of data available, insurers are faced with a conundrum: More data means improved decision-making, but it also requires an investment in data integrity to ensure that this data is trusted.
As we look to 2022 and beyond, below are the key trends in data that will impact the insurance industry: