30 April, 2015
How Big Data Has Changed Insurance
No longer confined to technology, big data has become integral to providing solutions to the insurance industry’s long standing challenges. At the heart of the industry, underwriters evaluate the risks of insuring a particular person and set a premium for the policy accordingly. The use of financial data, actuarial data, claims data and risk data cover virtually every important decision an insurance company makes.
While the industry has made progress capturing and analyzing the majority of structured data associated with their policyholders, the volume of untapped unstructured data remains just as valuable. Unstructured data refers to information sharing sources such as real time news feeds, social media and other mobile channels.