We are often asked by clients how much data is enough for AI analysis. People may have low confidence on the data they have. After all, insurers are not Google or Amazon, who has very large amount of digital and high frequency behavioral data on the customers.

Let’s face it. Insurers have legacy systems, which are often disconnected. A lot of the processes are paper based. While most insurers have embarked on the path to full digitalization, it will take a very large amount of investment in time and money.

Is it that we must wait that long? We at Cutters have thought long and hard on this question too, coming from knowledge of insiders in the insurance industry where we have utilized insurance data for analytics for over two decades.

The imperative for us is therefore that any practical solution we come up with must work within the confine of the current state of insurance data.

We are happy to report that Relacio does not need to consume very large amount of data to be effective. In fact, we don’t have a requirement for a specified list of data in terms of size and shape.

In some instances, the data we worked with was only several thousand records, while we also worked with datasets with millions of records in other cases. The good news is that the performance appeared very consistent across various datasets that we have applied. This is all due to the unique way we approach the problems.

Just don’t underestimate the data you have. Let Relacio work on it!