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Abstract:
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Within the insurance industry, big data has opened several opportunities for improvements in products and in services provided to policyholders. The key sources of big data being used by the insurance industry are government databases, social media, website click-streams, call center recordings, and telematic/biometric devices. These data sources are being used to better understand claims risk, identify likely fraud, develop better pricing models, and improve customer service. However, analyses implemented on these data often do not lead to sound insights. In most cases, biases in data collection (and failure to account for these biases in analyses) are to blame for misleading findings.
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