Q&A on the use of big data in insurance

January 24, 2019

This Q&A document aims to respond to the most commonly asked questions about the use of big data in insurance. The document concludes with the insurance industry’s view on how policymakers and supervisors can support innovation in this area for the benefit of consumers and insurers. The importance of data in the insurance business model. Data has always been a key factor for European insurers. In fact, even long before the emergence of the big data phenomenon, insurers made use of data mining techniques, in compliance with the relevant regulatory frameworks.

Spotlight

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Spinout from The University of Warwick, providing automated predictive analytics for structured and unstructured data. Founded originally to provide early warning for manufacturing issues with heterogeneous datasets, Warwick Analytics have since expanded the technology into other sectors such as transportation, finance, life sciences, retail and consumer products. The use cases are maintenance, marketing, customer experience, customer services and risk. Warwick Analytics flagship product is PrediCX. PrediCX is a text classification tool using proprietary machine learning algorithms which ask for help from a 'Human-in-the-Loop' only when needed, in the minimal way to maximize its performance.

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