MetLife hooks into external data feeds to help curb customer risk | Artificial intelligence

Insurance companies are like the late Rodney Dangerfield: They get no respect. After all, insurance is only truly appreciated in the event of a life-changing incident, such as a car accident or a health scare.

MetLife, a 150-year-old provider of life, auto and other types of insurance, is looking to change that perception. The company is using machine learning (ML) and analytics to help reduce risk for customers and, by extension, show that the insurer is looking out for them, Greg Baxter, MetLife chief digital officer, tells CIO.com.

“We are good at collecting data in domain areas we serve, including risk management, recovery and asset management,” Baxter says. “But there is an entire universe of external data from outside the company.”

It’s a familiar story in an era in which data is hailed as the new oil. Enterprises worldwide are seeking new ways to leverage analytics to gain fresh insights into their business. Worldwide revenue for big data and business analytics software will reach $260 billion in 2022, according to IDC.