In the area of insurance, where data have always been the raw material to forecast and anticipate the risks, the advantage of Big Data is undisputable. Objective: know the customer as precisely as possible to price him the right insurance product the most adapted to his needs.
But, among the internal data of the customer portofolio, the semipublic data, the partners’s data and the personnal information collected (by sensors, smart box, internet surfing and home automation, etc...), the insurer can quickly find himself flooded in a mass of indigestible information. Making sense with all these amounts of data, valuing the capital of data to personnalize a valuable proposal for the insurant, better managing the risks thanks to predictive analysis and so strengthening the fight against the fraud. The most recently example, already used in the United States is the « Pay how you drive » which valuates its prices according to the way the customer is effectively driving, or the technique of « text mining » which analyzes the conversations of the victims in social media and the phone calls spent on the management platforms of disasters to determine the situations to be treated as a priority.
The challenge is so great for the insurer for the future that the mutual insurance Covea Group (Maaf, MMA, and GMF) has just launched a research chair entitled « Valuation and new actuarial practices of the information» which aims to understand and to anticipate the real impact of Big Data on the risks management and the client knowledge.
Also, Léonard de Vinci engineers' College, based in The Defense, launches, from September, 2016, a Specialized Master's degree " insurance, actuarial affairs and Big Data ".