The insurance industry has always been quite conservative; however, the adoption of new technologies is not just a modern trend but a necessity to maintain a competitive pace. In the modern digital era, Big Data technologies help to process vast amounts of information, increase workflow efficiency, and reduce operational costs. Learn more about the benefits of Big Data for insurance from our material.
How Big Data is Revolutionizing Business
Modern society is continuously producing impressive amounts of real-time data. Processed by artificial intelligence, it becomes a valuable source of information vital for most business models, including insurance.
Big Data is mainly used for:
New distribution models – virtual assistants, robo-advisers, and chatbots enhance customer interactions and make marketing more targeted;
Process automation – it substitutes manual labor and improves the efficiency of the internal workflow;
New propositions – it enables creating alternative business models such as peer-to-peer concepts or digital insurers.
Big Data and Insurance: Implications for Innovation and Competition
Insurance was always based on data analysis: accident statistics, policyholder’s personal information, as well as third-party sources help to group people into different risk categories, prevent fraud losses, and optimize expenses. The rapid movement towards the Digital Society opens new sources of information that can be used to …