Big data to transform insurance
Saturday, 03 18 2017, Category: Technology, Country: World
Harnessing "big data" is proving essential for insurers seeking to maintain and increase market share and profitability, Fitch Ratings says.
Those that fail to keep pace risk being marginalised or coming under pressure to consolidate. Many elements of the insurance business are likely to be transformed, such as distribution, risk selection, pricing and claims management.
The insurance industry's core functions historically used large volumes of data to assess and price risk and predict future claims experience. But insurers have been slower than companies in other sectors to adapt their business models to rapid technological change.
Source: Intelligent Insurer