Big data is changing everything.
That's hardly a bold claim these days. Consulting firms, thought leaders, whitepaper authors and journalists are all predicting the significant impact data analytics will have on industries ranging from finance to health care. Enterprises and business leaders in these industries are investing considerable time and effort into preparing for the data science revolution that's already well underway.
The insurance industry is not immune to this rising trend, and big data has indeed already led to some substantial changes in how insurers operate. However, many of the fundamental concepts behind data analytics have driven the insurance industry for decades. Utilizing customer data, risk analysis techniques, to set pricing is nothing new for insurance professionals. That data-driven decision making is the backbone of how insurance works.
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