Use of Big Data in Insurance
In recent years, the insurance industry faced a number of new challenges. Customers want to get more accurate calculations of insurance rates. In turn, providers strive for a most accurate assessment of possible risks in order not to suffer losses. For this reason, many companies are beginning to gradually introduce specialized software products operating over the big data. Most relevant such applications are for car, health, and medical insurance.
Specialized sensors are used to collect information about the client or their property. In turn, trendy technology concepts such as cloud services, machine learning, blockchain, etc. can be used to successfully process this information and build accurate predictions. The correct implementation ensures the lowest possible cost of deploying and operating such software solutions, as well as increases their reliability.
Read more about the specifics and problems of solutions in the field of Insurtech in our article.
