The car insurance industry isn’t something the average person immediately thinks about when considering big data, but there’s an inextricable relationship between the two – and it’s only becoming more powerful and concrete.
4 Ways Big Data Can Improve Car Insurance
You would think that new technology has made driving safer, but we’ve actually seen a reversal of this trend in the past few years. From 2007 to 2016, the number of motor vehicle crashes has actually increased. This is due in large part to driver impairment, which AXA Insurance attributes to more than 90% of collisions.
While it’s up to drivers, car manufacturers, and public officials to make roadways safer, insurance companies also have a role to play in making sure car ownership is as cost-effective as possible. In response to this, the industry is changing – and it’s using big data to get there.
Over the past few years, there’s been an increased emphasis on leveraging relevant, timely data to make more educated decisions that benefit both the insurance company and the policyholder. While those in the insurance industry see it on a daily basis – and are primed to think about the impact big data will have in the coming months …