There are big opportunities for risk managers to improve their use of Big Data says Katoen Natie’s chief risk officer

Big Data could open the doors to sharper risk analysis but the industry needs to build its knowledge of how best to extrapolate value from it.

Speaking to StrategicRISK about the industry’s use of Big Data, Katoen Natie chief risk officer Carl Leeman (pictured) says: “Risk managers are very interested in having much more data from the insurers about their claims, which [insurers] have huge amounts of data on.”

He says that the [velocity] of Big Data makes it difficult for the industry to use, but stressed that “important information could be taken from that data if it is filtered and stored in a correct way”.

However, Leeman adds: “There are big opportunities to improve [the use of Big Data] and we should get more feedback from competitors about the type of damages they have experienced as well as the frequency of [these damages] because you can learn a lot from that. [The use of Big Data] is certainly not as developed as it should be today.”