Big Data is definitely a 21st Century buzzword, and as is the case with buzzwords they are used and misused in equal amounts. Wikipedia defines Big Data as: “an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process using on-hand data management tools or traditional data processing applications”. So depending on the scale of your data, and its complexity, you’re likely to be able to regard what we’re talking about as big data or certainly your organization’s path to understanding it. So what does that path look like?
The insurance sector manages a mountain of data. Since the earliest beginnings of insurance, data has been recognized as a vital and valuable asset. Insurance companies have recognized the benefits offered by computing often becoming early adopters of technology.