The importance of Big Data to the insurance industry

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The competitive pressures, an uncertain investment environment, and customer demands are forcing insurers to change the way they do business in order to realize profitable revenue.

Underwriters have less time and need more information to properly assess risk and tailor quotes to increasingly demanding customers.

Claims departments, must improve customer service and expedite claims investigations while reducing costs and processing overhead.

And finally, to reach growth targets and a balanced book of business, insurers must target the right customers with customized offerings through optimal sales channels.

In the face of volatile economic conditions, new business models and changing customer behaviour, insurers are looking for ways of incorporating Big Data to improve the speed and accuracy of their business decisions.

This is something all interested parties need to embrace….

 

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