Is Big Data Turning Your World Upside Down?


Is Big Data Turning Your World Upside Down?

Insurance is a data-centric industry. Product development, underwriting, sales, marketing, retention, claims and fraud management all rely on data from the traditional range of sources available to carriers. In the age of globalization, catastrophic weather events, terrorism and shifting demographics, the stakes have never been higher; that is why carriers are increasingly turning to emerging sources of insights like big data in order to extend competitive advantage and enhance profitability and growth.

Over 80% of carriers are investing in social media, but less than 10% of policy holders are engaging. That’s a lot of wasted effort and missed opportunities.

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Insurance and Social Media: Addressing Missed Growth Opportunities. These are the opportunities that big data affords. 

In order to realize these opportunities, carriers need to understand how big data can be captured, structured and analyzed so as to deliver the insights and predictive models necessary to deliver real-time, personalized customer interactions.

 

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