How big data is changing the insurance industry
Colour Changing Shoes: How Big Data $3.6 Billion
More money was made worldwide in 2022 by the insurance sector than by the economies of large nations like Germany and Japan combined.
A recent study examined how big data in particular is reshaping the insurance industry and was published in The Journal of Finance and Data Science.
According to the study, insurance companies can better understand risks, provide fair prices, and maintain customer satisfaction by utilizing big data.
According to Nejla Ellili, the study’s first author, “what’s surprising is how fast insurance companies are jumping on the big data bandwagon.”
By 2021, they plan to have invested a substantial sum of money—roughly $3.6 billion. And what do you know? It’s yielding results. Big data enables them to provide better insurance and save money.
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contracts, and uncover more fraud. However, not everything is perfect; there are issues as well.”
The study concluded that using all of this data requires caution with regard to ethics and privacy. The results also showed that although there is currently a lot of knowledge about how big data is benefiting insurance, there is still much to be understood about the long-term implications.
“This means researchers and people in charge of insurance rules need to keep studying to make sure big data is used the right way,” Ellili says. “Our findings give us a roadmap, like a guide, for future research, telling us what we should look at next.”
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