We may not be able to look into the future yet, but we are at a major crossroads of data and predictive analytics that allows us to mitigate risks to prevent disasters. Whether it be an accidental house fire or a car accident, insurance companies are finding ways to create new services for their customers that avert tragedies.
When we think about normal everyday occurrences, we don’t often fixate on what would otherwise be considered mundane. The weather is usually a topic of conversation when neither party has anything left to talk about. Nothing ends a conversation faster than, “So, crazy weather we’re having.” However, understanding everyday aspects of life and putting them in context with each other like historical rain patterns, the number of accidents in a given location when it rains, and the severity of those accidents, turns an ordinary rain drop into critical data. Companies across every industry have to re-imagine and think beyond what we see every day in order to differentiate themselves from the competition. Rain becomes more than drops of water as it is a layer of risk for drivers on the road. Old telephone wires hanging too close to a house become potential house fires rather than mere eyesores.
Instead of reactive management of disasters, insurance companies can now enter into predictive and proactive risk-reduction services. There are companies right now that have developed algorithms to examine data surrounding natural phenomena, disease epidemics, equipment recalls and other potential disasters to understand the warning signs and provide timely alerts to those who need them. Whether it be a strong storm affecting driving conditions or an alert to warn someone to walk to work on a particularly rainy day, insurance companies have expanded beyond being there when you need them. They are there before the problem even happens.
With Hortonworks, companies are leveraging business intelligence and analytics to solve complex business priorities. The Internet of Things is changing the way consumers interact with their devices, as users expect improved customer experiences and personalized services. For any company trying to address consumer demands, no matter the advancement or the technology, the issue still lies in the data. Being able to process the historical data through Hortonworks Data Platform and contextualize it with the streaming data-in-motion from Hortonworks Data Flow, insurance companies are finding patterns they never had access to before.
Business value is not attained through the individual ones and zeros of single data points, or even masses of data collected together. The real value is actually using the data and making sense of it in ways that companies may not have imagined before. Partnering with Hortonworks can illuminate the “never before possible” and turn it into new revenue, reduced savings, and improved customer experiences. We will never look at rain drops the same again.
For more information on how to leverage more out of your data and predictive analytics, visit us.