Transform Your Insurance with Revolutionary Big Data Insights
How Big Data Transforms Risk Assessment
Traditionally, risk assessment in insurance relied heavily on historical data and statistical models. However, Big Data introduces a dynamic approach by incorporating real-time data from various sources such as social media, telematics, and IoT devices. This wealth of information enables insurers to create more precise risk profiles and offer personalized pricing. For instance, usage-based insurance models, particularly in auto insurance, use telematics data to assess driving behavior, allowing for more accurate premium calculations1.