Insurance Big Data Analytics Trends 2020

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Insurance Big Data Analytics Trends 2020
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Table of Contents
1
Introduction
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4 Trends in Big Data Analytics

• Machine Learning
• Internet of Things
• Artificial Intelligence
• Predictive Analytics

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Conclusion
3
Introduction
Data is the prime requirement of the insurance
industry. Innovations such as big data analytics
help companies take accurate decisions by
providing them with intuitive insights.
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4 Trends in Big Data Analytics
Here are the 4 Big Data Analytics Trends for
2020.
Internet of Things
Machine Learning
Predictive Analytics
Artificial Intelligence
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Machine Learning
Machine Learning helps to accurately sort data
collected from different sources. It processes
larger chunks of data at a higher speed with more
efficiency.
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Internet of Things
Internet of Things produces a massive amount of
data in a single day. It provides insurers great
insights and has a remarkable impact on the
overall business.
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Artificial Intelligence
Artificial Intelligence has improved the way
insurers manage claims processing, customer
dealing, underwriting, and other services. It
enables digital capabilities in the primitive
business model.
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Predictive Analytics
Predictive Analytics help foresight risk and
rewards. Using big data collected by insurers, it
accurately calculates risk, pricing, and analyzes
the upcoming trends.
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Conclusion
Insurance analytics is transforming the insurance
sector and helping insurers improve services. It
facilitates insurers to improve customer
experience through better customer segmentation
and targeted offers. It has enhanced risk
assessment in underwriting, reduced the cost of
claims, and helped identify new sources of
sustainable growth.
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