How Big Data Will Influence the Insurance Industry

Although the advent of Big Data stands to benefit several industries, the insurance sector has a clear advantage in terms of leveraging technology to benefit not only its bottom line but also its customers. To a great extent, the insurance industry was one of the earliest adopters of Big Data; over the last few decades, actuaries and statisticians have been reviewing large data sets and preparing analytical reports for underwriters who in turn make decisions about coverage and premium rates.