Insurance companies look to integrate Big Data for improved underwriting, claims and marketing
Toronto ON 5 March 2012 � Outside Intelligence Inc., an innovative search-based applications (SBA) provider, has announced InsuranceIQ™, a game-changing Big Data solution for the insurance industry. InsuranceIQ provides a whole new way to mine, analyze and organize Big Data. It quickly discovers and analyses data from corporate databases along with information from internet sources such as regular web pages, social and news feeds as well as subscription and government databases.
“Big Data is a new frontier for insurance and a potential source of tremendous added value,” remarked Jamie Rodgers, Vice President Property & Casualty Insurance at CGI, “Outside Intelligence has developed an approach to incorporating Big Data that insurers will no doubt find interesting.”
With InsuranceIQ, it is now a straightforward process to obtain relevant information that was previously difficult or nearly impossible to find. InsuranceIQ continuously monitors Big Data sources from internal and external systems and databases, learning as it goes. Outside Intelligence clients rapidly and accurately make critical decisions that mean increased efficiencies, profitable pricing, better understanding of exposure, and immediate identification of business opportunities.
“We are proud to introduce this innovative approach for leveraging Big Data to the insurance industry’ said Dan Adamson, President and CEO of Outside Intelligence, “We are constantly looking for ways to apply our expertise in search-based applications so that insurers can make quicker, more accurate decisions that will help them address a challenging investment environment, competitive pressures and customer demands.”
Outside Intelligence developed InsuranceIQ working closely with leading Canadian insurers, ensuring that underwriters are able to quickly deliver decisions and quotes while properly assessing and pricing risk. In addition, InsuranceIQ helps them monitor risk profile changes such as mergers, acquisitions, new product exposures and other changes that impact the existing book of business.
“We know it’s a challenge to incorporate all the data out there to support our underwriting team, ” added Mark Cairns, Divisional CIO at RSA and Vice President and CIO of the recently acquired GCAN Insurance Company. “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 from company or external from the myriad of available web sources. With InsuranceIQ, we are able to provide a consolidated, accurate and current profile that is easy for them to read and understand.”
About Outside Intelligence (OIQ)
Outside Intelligence is a Search-based Application (SBA) solutions company focused on the use of Big Data to discover and analyze risk. The firm’s proprietary technology is based on data processing innovations that allow enterprises to synthesize and interpret vast amounts of disparate and otherwise inaccessible information in a timely manner – without the need to acquire large quantities of expensive infrastructure to manage it. With Outside Intelligence, organizations discover, structure and summarize key data for strategic and operational decisions. www.outsideiq.com
Outside Intelligence: Big Decisions, Big Data. Because Risk is out there.