ARCHIVED CONTENT
You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.By Kevin Petrie
Before data was big, Google was a verb, or Gordon Moore wrote his law, insurers were using math and statistics to predict the future. As early as the 2 nd millennia BC, Babylonian sea merchants paid lenders extra for a promise of help if their ship was to sink. They set prices by correlating data points to calculate the likelihood and potential cost of a disaster at sea. Data was sparse, and one would assume neither merchant nor lender consistently got a good deal. In 2015, property, casualty, life and health insurance companies are awash in data.
Read the complete article at: Big Data Land Mines for Insurers To Avoid In 2015