“Big data rhetoric is at an all-time high.” “Technology vendors tout products with claims that seem incredible.”
These quotes from a recent WSJ Blog point to two upcoming Forrester reports on the tantalizing topic of Big Data (Source:http://blogs.wsj.com/digits/2014/05/27/beware-big-data-hype-reports-warn/ ). It is interesting to note that while the term is relatively new, there is not general agreement on its definition.
The traditional insurance vendor community has been joined by new players of all ilk's, prowling the information rich insurance landscape for easy prey to ply their wares. Agents, brokers and carriers alike receive multiple call and emails each week about how simply plugging in their solution will cause countless customers and dollars to fall out of the sky. The pitch goes something like, "You don't have to do anything, you don't even have to install any software. Just dump the data in and Voilà, you'll have complete knowledge and insight into your prospects, customers and partners.
Yes Virginia, there is no Santa Clause and neither is there an instant solution to deep understanding of your information. Knowledge and wisdom always come at a price. A much smarter guy than me once said,
"Though it cost all you have, get understanding."
That was King Solomon. Perhaps he had access to truly "Big Data?"