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“The conservative reputation the industry enjoys has served to camouflage a tremendous track record of innovation.” – Deloitte | Despite its longstanding conservative, stoic persona the life insurance industry has always experienced innovation. The difference now is that insurance innovation has become the new face of the industry because of the adjective that’s been tacked on to it: disruptive.
Gambling and life insurance – a surprising yet oddly appropriate pair. That’s what I thought as I walked through The Bellagio doors on a sunny, April day in Las Vegas. I wasn’t there to play games of chance though – I was at the 2016 LIMRA Life Insurance Conference to learn about disruptive innovation examples in insurance and how Pyramid Solutions can help the industry with advanced case management and analytics – honestly.
Advanced analytics in life insurance is all the rage. Insurers collect an abundant amount of data on their customers, but more often than not, this data slowly becomes dark data that is not leveraged. More specifically, an article by Deloitte predicts that by 2020, the total size of the digital universe will be 44 zettabytes (44 trillion gigabytes) — with 37% of that data not being used.