Role of Big Data in the Insurance Market

Abstract

In the last several years, "big data" has become one of the most discussed concepts in the insurance sector. It's a helpful resource for examining patterns that might inform policymaking, risk assessment, and the detection of fraudulent behavior by insurance brokers. Even though most insurance companies are already utilizing big data in at least one way, the uses for it expand and develop every year. An understanding of big data and how it can be used to better serve savvy customers is a crucial first step in developing any strategy for an insurance provider. high-tech insurance products.