“Big data” has two meanings. The first is straightforward: vast amounts of data — think petabytes and exabytes. The second refers to the new data tools and technologies used to efficiently process huge amounts of data.
Insurers are collecting more and more data from application logs, server logs, usage logs, social feeds corporate websites and social media. It’s a huge amount of information — thus the need for big data. These technologies now make it possible to mine data across three dimensions:
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