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Use of Big Data in Insurance

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.


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