Abstract

This chapter describes the impact of Big Data Analytics on the insurance sector. Big Data should be understood as large data sets that are characterized by large volume, diversity, and complexity. The use of large data sets in the business activities of insurance companies makes it possible to improve every link in the insurance value chain and consequently allows for a competitive advantage. Big data allows for a better adjustment of the offer of insurance companies to clients, supports risk management, and the process of determining the amount of premium for the services provided. However, Big Data also raises numerous concerns, especially in the area of privacy. This chapter discusses both the current state of the application of Big Data by insurers and the challenges related to Big Data that the insurance sector is facing.

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