The insurance industry is built upon predictive analytics. Investments and risks are made for the future, based on based on a predictive variable perspective. Big Data and analytics are at the heart of this industry.
However, as a more than 500-year-old industry, the insurance industry is suffering from a cultural problem and struggling with embracing new technologies.
Another highlighted problem is that people move within the industry which means there are no fresh perspectives and insights. The same people move around with the same ideas. There is a need for fresh blood.
That’s where companies like Hortonworks are helping these industries. I sat down with Cindy Maike, VP Industry Solutions & GM Insurance, Hortonworks to understand how they are helping the insurance and healthcare industries in embracing Big Data.
Maike’s role at Hortonworks is to evangelize such technologies and leverage data and analytics to solve business problems.
“We need people that are out there driving thought leadership in different ways. How do we learn from the connected communities, connected economies, and connected ecosystems to improve? Just look at companies like Google and Amazon who are becoming the revolutionary arm to change the insurance industry,” she said.
“It’s fantastic being able to leverage technology in a different perspective than what we did in the past in our respective industries,” she said.
Big data technologies are not only helping the insurance and healthcare industries acquire big data perspective through reporting and dashboards, but it also enables them to innovate further. These companies are innovating in the areas of telematics, data sources and deep learning to create better predictive models.
Maike also talked about her journey and touched upon the status of diversity in the tech industry.
Check her entire interview on YouTube & Soundcloud.
Here is the timestamp:
- Challenges insurance companies face
- Technology vs. Culture
- How Hortonworks helps these companies
- What is augmented intelligence
- IoT creating opportunities for insurance companies
- What does Cindy do in her free time