Big data seems to be all the rage these days, but just having “big data” is not enough. If the data isn't helping your organization be nimble, it's time to start learning about high-performance analytics.
The amount of data available to analyze is expanding exponentially. Social media, sentiment data, blogs, sensor data, transactional data, third-party data, and other big data sources are streaming in. Insurers looking at scenarios need to make decisions in minutes or at most hours, not days or weeks. Plus, it's very time-consuming to create, test and evaluate every analytical model prior to production.
High-performance analytics (HPA) allows modelers to work faster with full sets of data—not sample sets. This can provide the type of nuanced analytics that allows an insurer to be more successful in high-risk situations, create innovative—and profitable—new means of insuring customers, and respond to large-scale disasters in a more relevant and cost-effective way.
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