What will the future of data mining look like?

The future for data mining looks very promising as moment by moment, data is only increasing. Did you know that during 2020, accumulated digital data will grow to around 44 zettabytes and 1.7 megabytes of new information is created per second for every person around the world?

Just as mining techniques have evolved thanks to improvements in technology, so have those technologies that extract valuable information from data. Once upon a time, only organizations such as NASA could use their supercomputers to analyze data; the cost of storing and computing data was too high. 

Companies are currently doing all sorts of interesting things with machine learning, artificial intelligence and deep learning with cloud-based data lakes. That’s the case of LISA Insurtech!

The Internet of Things and wearable technology have turned people and devices into data-generating machines that can generate unlimited knowledge about people and organizations. This is how companies can collect, store and analyze a wealth of information.

Cloud-based analytics solutions will make it more practical and cost-effective for organizations to access massive data and computing resources. Cloud computing helps companies quickly gather data from sales, marketing, Internet, production and inventory systems, and other sources, and act on it to improve the bottom line.

What should companies look like to get the most value from data mining? They should select a platform that:

  • Incorporate best practices for the industry or type of project. Healthcare organizations, for example, have different needs than insurance companies.
  • Manage the entire data mining lifecycle, from data exploration to production.
  • Align with enterprise applications, including BI, CRM, ERP, financial and other enterprise software with which it must interoperate for maximum ROI.
  • Integrates with leading open source languages, providing developers and data scientists with the flexibility and collaboration tools to create innovative applications.
  • Meets the needs of IT, data scientists and analysts while serving the reporting and visualization needs of business users.

Why is data mining so important for the insurance industry?

One of the most important assets for the insurance industry is your information and what we can do with it.

We can analyze, understand and implement plans to offer better products, services and personalized attention to each and every customer.

Understanding that industries are changing with the current technological avalanche, forces us to move quickly to keep up with what our old and new customers want. LISA Insurtech has the necessary experience to accompany traditional insurance companies in their digital transformation.

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