Big data must be unravelled: Greenberg

The potential of big data to enhance decision making is already in existence but must be tapped to ensure the industry’s future development.

That is the view of Evan Greenberg, chairman and CEO at ACE Group US speaking at the International Insurance Society (IIS) Seminar, which is taking place in London this week.

“I see technology being used creatively every day,” he said. “The data for better decision making is already out there, we just need to get at it.”

Inga Beale, the CEO of Lloyd’s, said that the inefficient transferring of data across the industry was an issue that needed attention.

“In this world you can track a parcel from its point of exit, throughout its journey and to your doorstep. However, when you visit an insurance website you can’t even track a claim. We need to handle this from start to finish.”