Standardise data to leverage ‘wasted’ information, urges insurtech

Insurers need to hold and manage overwhelming quantities of data to accurately assess their risk. But one insurtech expert warns that a large amount of this valuable data goes to waste as it is left languishing in non-standard formats.

When assessing claims information and accurately pricing risk, insurers trawl through immense amounts of data. But this valuable commodity often goes to waste once it has been stored in Excel spreadsheets in Lloyd’s and non-Lloyd’s formats, Alexis Renaudin, head of data science at insurtech Artificial, told Intelligent Insurer. 

These spreadsheets are neither structured nor standardised but if insurers were able to manage and store the data in a more consistent format, the underwriting process could become far more efficient. 

“We spoke to insurance clients about their major pain points and they told us...