Happy Wednesday! In this week's Big I Buzz, we are discussing the growing challenge of "dark data" and a final reminder to RSVP for the IIAW Emerging Leaders Summerfest Meetup. 

'Dark Data' Muddies Picture, Holds Promise for Insurance Industry

According to InsuranceNewsNet.com, the insurance industry faces a growing challenge known as "dark data", referring to the data that is collected but left unused. This untapped information, whether obtained manually or electronically, has the potential to provide valuable insights and generate additional revenue for insurers. Estimates suggest that carriers only utilize around 12% of their collected data, leaving the majority inaccessible or unutilized. Dark data from sources like telematics can offer opportunities for incentivizing safer driving behaviors and even monitoring and pricing for climate change. However, hurdles such as outdated technology, proprietary systems and disconnected data within departments hinder the effective utilization of this valuable resource. By addressing these challenges, insurers can unlock the potential of dark data, enhancing efficiency, customer understanding and decision-making processes within the industry. Read more here. 

Meet with IIAW Emerging Leaders at Summerfest

When: 1 p.m. Thursday, June 22nd

Where: Miller Lite Oasis

Who: This event is open to all industry professionals.

Join the members of the IIAW Emerging Leaders and IIAW staff for Summerfest's Insurance Day on June 22nd. We will meet at the Miller Lite Oasis at 1 p.m. to listen to amazing music and have a great time. 

Questions? Contact Evan Leitch at evan@iiaw.com. RSVP here: https://s.pointerpro.com/elsummerfest

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.