Big Data in the Insurance Industry
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Big Data in the Insurance Industry
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The application of big data in the insurance industry is swelling from waves of vehicle telematics, consumer POS transactions, and mobile interaction data. This new era of data analytics in insurance industry promises new insight to better acquire customers, underwrite risk, fight fraud and settle claims.
- Big Data is a $2.4 billion industry in insurance in 2018
- By 2030, half the world’s vehicles will be covered by telematics-based insurance policies
- 10%, or up to $32 billion, of annual property-casualty insurance losses are due to fraud
Visualize and analyze all of your customer and insurance industry data in real-time
HEAVY.AI provides insurtech specialists, insurers, reinsurers, and insurance brokers the insights they need to optimize decision-making around customer risk and product offerings. With instant SQL queries and visualization of responses, they can interact with disparate sources of customer data in real-time, cross-filter to refine their investigation, and visualize spatiotemporal customer interactions for actionable insights and improvements within insurance industry data models.
- Optimize policy premiums through predictive modeling and risk calculations
- Adjust premium rates, strategies, and underwriting limits based on real-time variables
- Improve customer retention and cross-sell through targeted products, promotions, and premiums
- Rapidly detect fraudulent claims through rules-based flags and visualization of how factors are correlated
Big Data in the Insurance Industry
Use Cases
Usage-based Insurance
Learn MoreHow Big Data Analytics in Insurance Industry Works
The HEAVY.AI SQL engine rapidly executes insurance industry data queries and enables rendering and visualization of spatiotemporal data and telematics data for interactive, zero-latency exploration and insights.
