Fitch Ratings says in a new report that big data will be increasingly important to insurers’ profitability, competitiveness and – in the long term – credit ratings. With bond yields low and competition high, management of profitability is key for insurers. Fitch believes early adopters of big data will be able to reduce fraud, price more accurately and control distribution better, thereby gaining a vital competitive edge. Those that are slow to adapt may lose earnings or market position. The term “big data” describes extremely large data sets that may be analysed computationally to reveal patterns, trends and associations, particularly relating to human behaviour and interactions. Read More (Source: Reuters)
