Delivering the keynote address at the ACORD 2012 Insurance Technology Congress in London in October, Steve Betts, global chief information officer for Aon P.L.C. said his firm was looking to leverage the wealth of data it collects as a global insurance intermediary to help its clients make fact-based decisions.
"At its core, the insurance industry is all about gathering and analyzing data to mitigate risk," he
's Global Risk Insight Platform, known as GRIP, as an example of how Aon was using data and analytics to improve operations.
The platform, which serves as a repository for the insurance placement information Aon collects throughout its global network, is paired with proprietary analytical tools that enable the company to offer clients real-time insight into market conditions and premium rates around the world and across industries.
"Transforming data into insight is the key to managing the complexity of risk in today's world," Mr. Betts
"We are fortunate in that Aon
has the expertise, the technology, the access to data and the global network to help clients harness the information explosion and turn it to their advantage."
The advantage to aggregating data on a massive scale is that certain emergent trends predicated on relatively rare events may only become evident at scale, Mr. Betts
"We can answer questions that clients don't immediately know to ask," he
"We can identify risks before they turn into problems."
Yet making sense of this flood of data takes a commitment in technology and in people adept at deriving insight from it, Mr. Betts
"Access to data and information is not the problem; making sense of it is the real challenge," he