Big Data Analytics
The FTI Consulting Insurance & Investment Management group is a recognised leader in helping organisations analyse data requirements and optimise the capture, cleansing, storage, search, sharing, transfer, analysis, and visualisation of large data sets. Our teams of technology specialists and business consultants understand traditional data processing as well as the requirements, implications and potential value inherent in Big Data.
Most applications within the insurance value chain comprise transactional data of relatively stable volume and velocity coming from traditional known sources and maintained/processed in relational data warehouses or data marts. This is in contrast to Big Data which is characterised by a diverse variety of unstructured data (social media, machine inputs from telemetrics for example, email, video, etc.) streaming into the organisation at very high volumes and velocity from myriad sources and needing to be maintained/processed in non-traditional data stores such as Hadoop.
Because of the variety, volume and velocity of big data, the initial challenge for insurers is to determine what data has potential value. This is essential so that insurers can initially filter big data down to a volume capable of being processed and used effectively within the organisation. Through our iSuite Advanced Intelligence & Analytics platform we are able to assist clients throughout the data processing value chain in efficiently transforming raw data into actionable information for management decision making.
Senior Managing Director