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Analytical reporting solutions are traditionally being extensively used in Insurance domain. In Insurance organizations historical data relating to policies, claims, customers and customer groups, marketing data increased rapid dependence on analytics to run business. The availability of huge data volume helped to build policy risk scoring, claim fraud risk scoring, subrogation and customer churn models that used so decisively in policy risk scoring, claim fraud detection, subrogation, referral scoring, and score based customer segmentation for marketing and service rendition.
Insurance data has increased exponentially in terms of volume and velocity so much so that it has opened a new dimension in Big Data Analytics.