Everyone uses data. At work, at home, even at the grocery store. But people don’t often realize the full potential of the available data, especially since it seems so scattered and inaccessible.
In reality, things like social media and daily news stories can be turned into structured, usable data for people across many industries — including finance, risk management and insurance.
We use data-as-a-service (DaaS) to bring order to the chaos of the Internet and unleash the possibilities in online data sets and data sources.
External Data You Can Use
The Internet is home to millions of websites, and each of those sites host a huge amount of data. Just think about how many webpages you interact with every day, from checking a weather app before your morning run to monitoring your social media accounts throughout the day.
What if you could use those same websites to improve your business?
With DaaS, you can. These webpages are useful for much more than social interactions. Social media and blog postings serve as online data sets, where you gather information about existing clients and customers.
Social media isn’t the only thing you use every day that’s being underutilized in the business world. Documents as simple as PDFs and HTML files are difficult for the average person to search online, but with data-as-a-service, they become functional.
Simply put, DaaS takes an unstructured keyword search and returns structured, practical data. And it can be done with automation, to make your life easier.
How Do Online Data Sets Work in DaaS?
Let’s look at a real-life example of DaaS benefiting insurance agents so you can start to understand the wealth of information waiting to be harvested online.
Insurers undertake a certain amount of risk with every customer. In some states, risk managers can use existing crime data and court files to determine the possibility of danger with a potential client. But in our home state of South Dakota, and many other regions across the world, that crime data isn’t accessible.
So how is an insurance agent expected to make decisions?
DaaS, for one.
BrightPlanet can search any combination of websites for references to certain people — including things like social media, blog postings, and an aggregate of news outlets near and far with the Global News Data Feed.
The DaaS process turns the haphazard information from the Internet into a structured, coherent document, allowing an insurer to use it in the underwriting process, and ultimately, make more informed risk assessment decisions.
Find Your DaaS Solution
There really aren’t any limitations to our data-as-a-service solutions. No matter your industry, we can create a solution that collects and organizes the information you need.
Review our DaaS solutions in depth and start thinking about how they might work for your business. We can even prepare a free consultation of your business’ specific needs and explain how you can leverage data-as-a-service.