Can insurance industry make better use of big data analytics? – Livemint
Big data has helped the financial services industry, including the insurance industry, evolve like never before. More and more traditional insurers as well as insurtech companies are using data analytics to improve customer experience. But are insurers utilizing big data to its fullest capacity or is there scope to do more? The insurance regulator has already allowed a sandbox, a mechanism to promote and facilitate innovation, and now the Reserve Bank of India has proposed a sandbox for fintechs. Disha Sanghvi asks experts if this will lead to better utilization of big data and more innovation in the insurance space.