Volume + Velocity = ?

We all know and feel that the world is moving increasingly faster. Regardless of the current economic situation, events and issues (e.g. health care, climate shifts, regulatory philosophies) are rushing towards us at speeds we may not be able to reasonably deal with when they impact us.

Technology, particularly current and new forms of social media, are certainly bearing down on us whether we can manage them or not. Taken as a set of media channels, social media such as Facebook, Twitter, LinkedIn and others are acting like an amplifier creating an ever-growing volume of conversations, dialogues, and commentary that resemble more of a digital tsunami of unstructured data than coherent streams of manageable discourse.

Coupled with this never-ending volume is the fact that social media also acts as an accelerator by ┬áincreasing the speed or velocity that this tsunami picks up each second. Google’s new search appliance hopes to help us surf these break-neck waves in real-time but it is only part of the solution.

What is the answer to the dynamic equation “volume plus velocity?”

I suggest one answer is pattern recognition. But the pattern recognition response itself must be a contextual solution. All of those streams of unstructured data will have to be interpreted through the prism of each viewer’s needs. And those needs – of the same viewer – will change depending on that person’s requirements at the time of viewing as well as the robustness of the existing streams and the new conversations (writ large) added at the new ( possibly seconds later) time of viewing.

What do you think other answers are to the equation volume + velocity =

And most importantly for our industry, what are the implications for insurance companies, policyholders, producers, prospects, reinsurers, and regulators?

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Published in: on December 10, 2009 at 9:41 am  Leave a Comment  
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