The insurance industry, as we know is founded on estimating futurestic events and accessing the risk and value for these events whick by the way require massive datasets with data from sensors, government, customer interactions and social media etc., Today big data technology has been comprehensively used to determine risks, claims, etc., with high levels of predictive accuracy. Big Data are useful in the insurance sector for the following reasons:
Risk Assessment
Understanding of customer behavior,habits, needs to anticipate future behavior and offer relevant products.
Improve Fraud Detection and criminal activity through predictive modelling
Provide targetted products and services.
Better customer Experience based on their preference and behavioral data
Automation through better customer interactions (chatbots), fraud detection, customer insight etc
Develop a smarter Work force with real-time analysis, Data Mining saving significant amount of labour and time.
Bring innovative products.
Better Strategic Decisions
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