Big data could have a significant impact on the insurance industry, according to a panel at the European Insurance Forum.
Companies will be able to gain insights that they could not before thanks to faster microprocessing and potentially use it for competitive advantages.
The panel also commented on how advances in technology will have a greater effect to the volume, variety and velocity of data that companies have at their disposal.
Although more data means inheriting more risks, such as threats to cyber security, the panel was confident that the change is nothing new, in terms of what the industry has adapted to in the past.
A member of the panel commented: "This is not a change to be afraid of, as we already have people in insurance companies like actuaries who can deal with this amount of data. The point is not just that we have this data, but that we do something useful with it. Education is the key."
