Big Data & Advanced Analytics
( i . e . robotic process automation and artificial intelligence ( AI )). These augment the customer experience by automating process-driven aspects of business and allowing staff to focus on their qualitative input instead , such as new services and products . AI-driven analytics software , for example , can help create more accurate forecasting , open up cross-selling opportunities and generate better pricing models using real-time data . For instance , says BCG , “ Not only can the company deliver an insurance offer to [ a ] skier in real-time , it can also use location and movement information — and even weather data — to calculate a highly accurate risk profile for each skier .” This is why a core tech trinity ( cloud + IoT + advanced analytics ) is crucial for exploiting Big Data to its fullest : information gathered in real-time via IoT can be integrated into a single source using cloud and then analysed either centrally or at the edge , creating an agile and adaptable framework . It is this capacity for customisation and a shift away from generalised coverage which positions InsurTech beyond the confines of the traditional industry .
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Big Data & Advanced Analytics
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