The importance of context for analytics strategy.
Information value is created when uncorrelated data is correlated leading to new insights and new outcomes.
Uncorrelated data can be correlated by identifying and adding context. Facebook, Amazon, Google, Apple achieve position and power through being primarily context engines.
Insurers can do likewise accessing, joining, analysing and giving context to data to create more value for customers. See more in "The hard truth on insurance and telematics".
A good example is telematics. Devices in cars are capturing thousands of data points in very rapid succession. I don’t know many insurers that are actually ingesting that raw stream. Instead, insurers work with companies that can isolate events like hard braking, hard cornering, hard acceleration, high speeds. That information comes from the data stream but is used in sort of a derivative form when it gets to the insurance company.
https://www.information-management.com/news/optimizing-data-as-the-backbone-for-insurance-innovation
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