‘Big Data‘ refers to the emergence of extremely large data sets marked by the ‘three Vs’: velocity, variety and volume. This is inextricably linked to analytics programs, and is already used in many industries to analyze behavior as well as to make predictions, for instance in stock markets and consumer decisions.
Insurers can profit from this trend, too – by feeding a large number of real-life data into an analytical model, IT departments could more accurately segment customers, give early warnings on defaulting or fraudulent behavior, or determine the likelihood of accidents and disasters in any given circumstance.
However, turning Big Data to your advantage requires meeting crucial milestones. This includes making sure the data you feed into a system is correct and doesn’t contradict itself, as well as installing the right solution to start refining and patterning the data. Luckily for you, we at Oxygen can help insurers succeed at this daunting task and can let you gain a crucial, and soon necessary, edge over your competitors. Curious? Why don’t you drop by or get in touch?