In this edition of Tech Trends in Insurance, speaks with Jonathan Silverman, Director of Insurance Industry Solutions at Microsoft. He says Microsoft is looking for ways to enable technologies in the insurance industry, such as risk and analytics, dev and test, productivity, and cloud migration.

Mr. Silverman says insurance customers are starting to look at data differently, including structured and unstructured data. How can insurers use Big Data to make better decisions, gain deeper insight, and provide more value to customers? He sees activity in automated underwriting, understanding customer churn, using predictive analytics to determine customer value, and next-best action. From a risk perspective, Mr. Silverman sees opportunity to get rid of anomalies and reduce standard deviation to make better risk decisions.

“We’ve been data rich and information poor”, according to Mr. Silverman. He says it is imperative that carriers get control of data. He still sees siloed information within organizations, including non-standardization of tool kits. The cloud has allowed companied to pull in data that is relevant and complete for “master data management.” He suggests companies map their data strategy.

Microsoft sees different companies at different levels of adoption of data solutions. He explains why “risk” was one of the early areas that saw companies adopt solutions. He also reminds customers to consider security.

For more information on Microsoft’s Insurance Industry Solutions, visit the Microsoft website.

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