How Big data is changing the insurance industry

Big data is a wing of technology that provides a gamut of solutions to understand, analyze and systematically handle huge data chunks to extract effective facts out of them. Evolution of Big Data has been catering to a wide range of data processing applications. As some of the top-notch companies like Google, Facebook, Yahoo and more, face data acquisition and aggregation challenges, they have embraced the initial set of big data concepts.

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Big Data for Better Insurance:

Based in China, ZhongAn Online P&C Insurance Co. (“ZhongAn”) has taken the insurance world by storm by offering a series of unusual and unique insurance policies, such as those aimed at supporters during the 2014 World Cup by insuring against self-inflicted liver damage. Founded in 2013, ZhongAn is still an infant in the world of insurance, however, being innovative in their approach, they are already valued at around $2 billion.

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