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Insurance and the Decision Economy
- Insurance is fundamentally about making decisions, from underwriting and pricing to claims assessment.
- The rise of a "decision economy" fueled by AI emphasizes the importance of data in driving these decisions and gaining a competitive edge.
The Need for Better Data
- Insurers excel at collecting data but struggle to make it actionable due to its unstructured format.
- "Better data" transforms raw data like PDFs and medical records into structured, usable information.
From Raw Data to Actionable Data
- Raw data, like medical records, is often unstructured and unusable for machines.
- "Better data" involves extracting key information and organizing it into a structured schema for analysis.