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Big data

4 posts

Big data is data that contains greater variety, arriving in increasing volumes and with more velocity. This is also known as the three Vs – Volume, Velocity and Variety.

The amount of data matters. With big data, you’ll have to process high volumes of low-density, unstructured data. This can be data of unknown value, such as Twitter data feeds, clickstreams on a web page or a mobile app, or sensor-enabled equipment. For some organizations, this might be tens of terabytes of data. For others, it may be hundreds of petabytes.

Velocity is the fast rate at which data is received and (perhaps) acted on. Normally, the highest velocity of data streams directly into memory versus being written to disk. Some internet-enabled smart products operate in real time or near real time and will require real-time evaluation and action.

Variety refers to the many types of data that are available. Traditional data types were structured and fit neatly in a relational database. With the rise of big data, data comes in new unstructured data types. Unstructured and semistructured data types, such as text, audio, and video, require additional preprocessing to derive meaning and support metadata.

Put simply, big data is larger, more complex data sets, especially from new data sources. These data sets are so voluminous that traditional data processing software just can’t manage them. But these massive volumes of data can be used to address business problems you wouldn’t have been able to tackle before.

Insurance Claims Management. How Big Data & AI Technology Helps InsurTech

Insurance Claims Management. How Big Data & AI Technology Helps InsurTech?

The digitisation of claims management is a fundamental aspect of a modern and robust insurance operating model – but many insurers are still limited to using legacy systems
Big Data in Insurance. Role & Uses of Big Data Technology in Insurance Industry

Big Data in Insurance. The Use of Big Data Technology in Insurance Industry

The implementation of big data results in 30% better access to insurance services, 40-70% cost savings, and 60% higher fraud detection rates
How is innovation changing the insurance industry?

How InsurTechs & Tech-Driven Innovation Changing the Insurance Industry?

Tech-driven innovation is reshaping the insurance industry: telematics, artificial intelligence, machine learning transformed insurance area

How Big Data analytics works & why it matters?

Big data analytics refers to the methods, tools, and applications used to collect, process, and derive insights from varied, high-volume, high-velocity data sets
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