Did you know that 2 out of 3 insurers are applying Big Data in their underwriting processes? In case you are wondering what the meaning of the term Big Data is and how to relate it to the insurance industry, today we are going to explain to you how it works and how to apply it in an efficient way.
For these reasons, more and more insurers become part of the change. Digitalization inside underwriting departments is already happening, and soon, insurance companies that do not get adapted to the latest developments will experience how their competitors keep growing whilst their own benefits reduce.
The implementation of Big Data Analytics in insurance is simple. There is no need to create from scratch a new department. Nowadays, there are Insurtech companies that are focused on Data Analytics for Insurance, as for example, Wenalyze.
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