Big data and insurance: A conversation

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Big data will transform insurance. We will see new products and new services developed as a result of big data. And we’ll each in our own way experience its influence on our premiums, cover and claims.

In this paper, we explore the influences that big data could have on trust between insurance firms and their customers. We have done so in the form of a conversation, between an insurance practitioner and a customer.

In the conversation, they explore what is meant by big data and then examine how insurance firms are handling big data, in three stages:
• How big data is gathered.
• How it is analysed.
• How decisions are then made from it.