Big Data Offers Opportunities, But Has Limitations
Published 11th Mar 2015Big data and analytics are fundamentally transforming business decision-making. Insurance agents and financial planners can now harness massive stores of structured data to better target potential clients, verify income and even improve customer retention. Big data equips them with knowledge that makes the entire process more efficient and effective. But that’s true only if the information is accurate.
Many financial institutions collect their data from surveys or third parties, and that information often includes misinformation or selection bias with the samples. Boiling down the most relevant and accurate data is complicated even for data scientists, and few companies have benchmarks to help parse and interpret the constant stream of new data they collect.
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Published 6th Mar 2015
ArchivedBig Data Gives Insurers a Boost to Their Bottom Line
Big data and analytics is fundamentally transforming business decision-making. From offering better insights into markets and opportunities, to building better bottom lines, big data is big news and the insurance industry isn’t...
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