How fast is technology changing our world?
Can you even measure something like that? The contraptions we use do not answer the question so much as what they do: process data at a certain speed. There’s Moore’s Law, the observation from a pioneering computer expert who noticed computer processing speed capabilities doubled every two years. This has mostly held true for half a century now, though may be slowing down as transistors and microchips cannot keep getting smaller. Small is finite.
Big, on the other hand, is infinite. If there are boundaries for how big data and information could grow, we have yet to realize them. When it comes to data, one undeniable rule governs the growth chart:
Data begets more data.
Remember the classic horror movie, The Blob? A less ominous version of the science-fiction consumption monster makes for a fair metaphor. Data insists on itself, feeds itself, requires more of itself, becomes more powerful as it grows, etc. Here’s a few blob-like nuggets to digest: all the data in the world was 33 zettabytes (ZB) in 2018. (That’s 33 trillion gigabytes.) At the time, 90% the world’s data was less than two years old. Last year, we hit 59 ZB. By 2025, most experts agree it will be 175 ZB or more.
Currently, we only ever use about 12% of the data we generate. Could this change? Within three years, experts predict there will be 75 billion devices online and generating data – the IoT (Internet of Things) where inanimate objects whir in the background collecting, transmitting, and receiving. Ten connected devices for every living human on earth.
Implications for a data-driven world
Across the insurance realm, the implications of a world bent on immediacy, cost-efficiency, and convenience are already clear. Insurers leverage more complex data sets to refine their practices. Data collected by vehicles about driving habits could be used alongside driving records to set rates in the future. Imagine the possible implications of big-data sharing on health insurance rates – could purchases deemed “unhealthy” like alcohol and cigarettes be used to justify higher health premiums? Could buying a chainsaw on a credit card immediately impact your risk rating for homeowner insurance liability considerations? Sounds Orwellian, though perhaps not too far off. Suffice it to say, insurance companies will continue to leverage whatever data they can.
Likewise, insurance customers use the same data structures to inform their insurance purchases. It’s never been easier for consumers to build insurance portfolios tailored to their wants and needs. Compare providers and compare plans while deciding if the app or system will work the way you need it to. But all the data-driven advantages and discounts in the world mean very little when the customer does not have confidence in the platform it runs on.
MRS provides industry-leading data-driven technology.
Management Research Services has been building insurance services technology for almost 35 years. We have worked with application processing and underwriting considerations for a generation; our latest product aligns with the best in the industry for collecting and processing data – all while instilling confidence in our partners and their customers.
The MRS no-code insurance services platform is user-friendly and capable of accommodating even the most complex underwriting scenarios. Find out more about how to unleash the power of automation and state-of-the-art data processing with our cutting-edge technology. Contact MRS to learn more about how our system can help usher your business into the data-driven world of tomorrow.