“ Customers are seeking tailored , customised offers from their insurers ”
— Jean-Francois Gasc , Managing Director , Accenture
the world use increasingly detailed datasets to tailor the experiences of their customers . Remember the Pro Breeze Electric Mini ?
According to a recent report by the The Organisation for Economic Co-operation and Development , “ Insurance sets prices by groups of people who have similar risk profiles , whether , for example , by gender or age for auto insurance , which is called risk classification . Big Data provides new sources of information for understanding policyholders , fine-tuning the risk classification .”
By further segmenting these risk groups , insurers are able to use Big Data to offer policies tailored to increasingly specific situations and clients who may not have previously had access to affordable coverage . Jean-Francois Gasc , a Managing Director at Accenture wrote in a
75 www . fintechmagazine . com