SigmaWay Blog

Big data refers to huge amount of structured and unstructured data collected from multiple sources and devices, Explosion of Internet of things is expected to connect 26 billion devices by 2020. There have always been two challenges : Organizing all information in a warehouse so that it can be fetched and processed efficiently . Second processing it in a way that it will provide meaningful results. It turns out only 58% company is understanding the value of their big data solutions. In contrast, small data address a specific problem in limited domains. It tends to focus on log analysis like user behavior on a website. A logging mechanism allows to capture specialized data for business teams and engineers without the need to dig into the ocean of big data. You can read more at : http://www.datasciencecentral.com/profiles/blogs/how-big-data-is-becoming-smaller-than-small-data

Big data - which admittedly means many things to many people - is no longer confined to the realm of technology. Today, it is important in any business. In addition to providing solutions to insurance companies' long-standing business challenges, big data solutions offer the power to transform processes, organizations and entire industries. Big data is especially promising and differentiating for insurance companies. With no physical products to manufacture, data is arguably one of their most important assets. Financial, actuarial, claims, risk, consumer, producer/wholesaler and many other types of data form the basis for every decision an insurer makes.

Insurance companies will realize value by effectively managing and analyzing the rapidly increasing volume, velocity and variety of new and existing data. By putting the right skills and tools in place to better understand their operations, customers and new markets, insurance organizations will be on the right track to compete and thrive in this global, dynamic marketplace.

Read more here- http://analyticsindiamag.com/has-the-insurance-industry-mastered-the-art-of-utilising-big-data/