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Trawling big data benefits Insurers in policymaking

Insurers are today trawling big data about customers’ finances and other sources. The development shows how access to big data is revolutionizing the insurance industry and companies are accessing a wide range of information on everything from financial probity to shopping habits of the customers to determine the risk premium for individual customer. One official of AA insurance company said that the winners in the insurance market will be the ones that have got the data insights that others don’t have. It could be supermarkets, banks or social media companies. However, ultimately the big data trend means some policyholders will pay more than others not for the climate change only but also for insurers to know more about the risks posed by particular properties. But, as with the sensitive data some companies also go far beyond what customers would expect them to do with it, customers should be given the option to opt in to such analysis than allowing them to opt out. Read more at:

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