(Bloomberg) -- Google Inc. Executive Chairman Eric Schmidt said new technologies that help companies analyze vast amounts of digital information have the power to bring change to the insurance, health-care and energy industries.

“Insurance is the most obvious” industry “about to explode” with uses for big data, said Schmidt, who spoke today at The Year Ahead: 2014, a conference in Chicago hosted by Bloomberg LP. Better cost controls and more efficient delivery of services are two ways data can transform industries, he said.

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