Big data enables insurers to quantify risk, design and price insurance products and validate and settle claims. CelsiusPro Director Business Development and Technology Sebastian Glink offers some insights in a guest article of the Asia Insurance Review Magazine.
Big data, machine learning, AI and the internet of things are buzz phrases that are becoming increasingly relevant in the insurance industry. However the industry is only slowly warming up to these trends. In the areas of climate, agricultural and natural catastrophe risk particularly, big data and analytics can help insurers when it comes to product design, operational efficiency and underwriting results.
Environmental monitoring systems (EMS) play an important role in converting big data into relevant information for insurers. The global availability of (satellite) data with growing historical time series can bring plenty of opportunities for those insurers who are ready to use them systematically to move to the next level. Read more….