Daily Fintech Conversations

Regulators eye big data impact on ratemaking

Originally published at: https://dailyfintech.com/2021/01/21/regulators-eye-big-data-impact-on-ratemaking/

In insurance, big data connotes unstructured and structured data that influences underwriting, rating, and pricing. Structured data gets stored as pre-defined fields and tables, while unstructured could be social media, recorded videos or documents. Using predictive technologies, insurers use big data to discern trends and forecast future events. According to SNS Telecom, carriers’ spend on…