The big data market is in the midst of an astronomical growth period. A 2018 study by Wikibon predicted big data market revenues to increase from $42 billion in 2018 to $103 billion in 2027, while an Accenture study found 79 percent of executives said companies that don’t begin using big data could find themselves squeezed out of their own markets and “may even face extinction.”
Even amidst this boom, many in the insurance industry are not fully harnessing the power of data. This stems, at least in part, by the fact that “big data” is often misunderstood. In fact, the term itself is a misnomer that can lead insurance agencies astray, because “big data” doesn’t have to be big at all.
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