How Big Data Analytics Helps the Insurance Industry to Serve Customers Better
When it comes to the insurance industry, the cut-throat competition always forces the companies to use innovative and deliberate ways to get a competitive edge over others. It is one of the most competitive markets. Furthermore, it is also a business sphere that is less productive and mostly functions on available data, statistics and information from various sources due to its sheer dependency on risk. Traditionally, insurance companies had limited data and information to use for risk assessment, fraud claim findings, unique product offerings and to improve customer experiences by offering impeccable services. However, the scenario has changed dramatically after the introduction of Big Data. First of all, we need to learn what Big Data is. By definition, Big Data is a number of datasets that cannot be assessed by traditional data management tools. These datasets are used to evaluate and access behavioral patterns, consumer preferences and other interactions to offer cus