The head of the Financial Conduct Authority (FCA) has reminded insurance providers of the need to be careful in their use of big data to ensure some customers are not unfairly penalised. Speaking at the Association of British Insurers' annual conference, chief executive of the regulator Andrew Bailey noted the ability to capture and convert…
Many companies in the life and property/casualty (P&C) insurance sectors are failing to take full advantage of the potential of advanced big data analytics solutions, according to a new report. Research conducted by Bain and Company revealed that despite some early successes, much of the industry has yet to scratch the surface of what big…
Insurance providers in the UK are expected to rely more heavily on big data analytics solutions this year in order to provide more personalised offers to customers. Research conducted by Teradata revealed that more than four-fifths of companies with turnover of over £500 million (82 per cent) will be prioritising this technology in 2016. Meanwhile,…
Over the last few years, many businesses have been tempted by the idea of using big data to gain a much more detailed picture of their customers, which they can in turn use to provide more personalised offers and even discounts. But the catch with this is that in many cases, consumers will be wary…
A growing number of organisations in sectors such as banking and insurance are set to turn to big data analytics in 2016 in order to keep their critical information safe from hackers and other unauthorised users. This is according to a new forecast for the year ahead from Oracle. It noted that 2016 will see…