How Insurers are Tackling Big Data
Mo Data stashed this in Big Data in Insurance
How are these insurers using big data?
The most popular application right now is actuarial/product modeling, where a number of insurers have initiatives in place or intend to launch them within the year. Big data is also being leveraged for underwriting, claims, and service. And there’s a feeling that it can have a positive impact in marketing as well. The larger carriers are taking the lead, perhaps because their pockets are deep enough to make the necessary infrastructure investments.
Drilling down deeper into the data pool is enabling companies to get much more pertinent information. For example, determining what are the ages and genders of the family members, their marital status, number of children, and even their hobbies, is generating the type of data that can be used to right-size contents coverage.