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 analysis 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