If you only access and analyse 10% to 20% of enterprise data it is not surprising that Aon Chief Executive Greg Case states insurers are not exploiting data drive innovation.
Aon could invest over $10 billion over the next 5 years to build up data and analytics capabilities.
Most of the inaccessible 80% to 90% of data is in unstructured and semi-structured data. That can be turned in to analysed data giving context to add new insights with tools like 360Retrieve.
That not only helps drive innovation but is also a fundamental component of fraud detection applications. It is also a necessary first step to plan and implement AI which requires broad, deep and complete data beyond the capabilities of many insurers
Aon will try to fulfil that demand by providing more data and analytics services. He said that the insurance industry as a whole has failed to turn all its data into usable ideas.