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

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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.

, 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 for customers and, by extension, show that the insurer is looking out for them, Greg Baxter, chief digital officer, tells

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

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