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How Big Data is Changing the Insurance Industry

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Big data and the Internet of Things are two technological wonders that are changing our lives. Our machines, equipment and devices are continuously connected and communicating with each other, and billions of devices are recording data at all times – sensors, microphones and cameras are attached to everything that we have – whether that’s industrial hardware, our phones, our cars – or even in some cases our fridges!

Insurance is nothing new – but imagine how hard it must have been for insurers to know what was going on in the mid 19th century. Quantifying losses for business interruption insurance back then was hard because modern accounting and reporting standards weren’t yet a thing. Most records were created by hand – and even just a few decades ago, when computers were becoming more common, but data was transferred by the lovingly nicknamed ‘sneakernet’ – walking to a colleague’s desk to give them a floppy disk with the data – record keeping wasn’t up to modern standards.

Today, we store data about the data that we store! That’s not a hyperbole. Datasets are huge and we track as much as we can about everyone and everything that we deal with, and we need …

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