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Insurance organizations turning to big data to evaluate risks

Rachel Wheeler Archive
This year's Society of Insurance Research (SIR) conference will take a crack at something all industries are currently trying to harness - big data. Specifically, the Demystifying the "Big Data" Black Box event will look at how analytics can be used with personal and commercial lines of insurance, claims and health insurance to encourage targeted decision making and resolve issues.

SIR President Gary Hodge said the conference is centered on big data analytics because there is vast potential across the sector to benefit from advanced insights supported by good data.

In additional to decision support, insurance organizations can also tap into data about thefts to better assess risks, according to a recently released Heavy Equipment Theft report. The National Insurance Crime Bureau (NCIB), The National Equipment Register (NER) and Verisk Crime Analytics collaborated to reveal findings that can help insurance companies, law enforcement officers and equipment owners.

Using data about theft locations and the types of equipment that are most often stolen and recovered, the study can help these stakeholders reduce risks and determine the type of resources that need to be allocated to curb occurrences. However, all of this information is helpful only if it's organized and verified for data quality