Why The Insurance Industry Is Turning To Machine Learning Articles Big Data

Data is now being mined from a variety of sources that can help insurers build a fuller picture of their customers. Machine learning algorithms can analyze this wealth of information quickly and accurately, without being tainted by human bias, and help to offer more accurate prices. In health insurance, for example, data from wearable devices such as Fitbit can track a customer's activity, while analysis of their social media may give a more accurate idea of somebody's lifestyle choices than they are willing to share. This will likely punish those who are unhealthier than they say, but it will also reward those who live healthier lifestyles.