BigDataAnalyticsIt’sTransformationalImpactonthe.pdfVIP

perspective Big Data Analytics: It’s Transformational Impact on the Insurance Industry Abstract The insurance industry runs on data, and the success of its business model is based on analyzing data to evaluate information and take appropriate decisions. Granted, insurers have traditionally been at the forefront of capturing and leveraging data, but we are now in the era of big data, which demands more than just manipulating structured and available data. Big data analytics (BDA), when used knowledgeably to drive business decisions, promises a customer-centric model that can undercut risk, and enhance profitability and customer delight. Big data trends in the insurance industry For decades now, the insurance industry by making records of bankruptcies, consumer behavior, and better anticipate has run on visible, in-house, and structured judgments, foreclosures, criminal records, preferences and risks, ultimately data such as customer data on the policy and the like publically available. leading to better claims management form, historical behavior and trends, etc. Add to this the comprehensiveness, depth and reduced claims leakage. and variety of data that are enabled by However, new-age technologies can do In a cutthroat industry that has traditionally technologies such as telematics and call a lot more with data and, accordingly, competed on price, big data offers the records, and what you have is an avalanche demand much more—available and tantalizing possibility of customer- of big data with volume, velocity, and