What challenges do you see for data in the year ahead that will have an impact on your clients and on the industry as a whole?
Challenges include domain orientation in analytics needs, evolving data products structural stacks managing data complexity from exponential growth in data volume, variety, valency, value and velocity, requiring robust data management solutions, and adoption of AI and machine learning technologies.
Harnessing the value of unstructured data like text, images, and videos demands new approaches like generative AI (genAI) models. Addressing data imbalance and bias in datasets and models, crucial for fair and ethical AI decisions, especially in industries like insurance.
We must also ensure data privacy and compliance with evolving regulations like CCPA, IFRS, CCAR, GDPR, which mandate stringent data protection measures and user consent.
