Exploring EIOPA’s thematic review on big data analytics in insurance

In May 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published its thematic review on the benefits and risks arising from the use of Big Data Analytics (BDA) in health and motor insurance. This briefing note by Milliman’s Matthew McIlvanna, Eamonn Phelan, and Eoin O Baoighill summarises EIOPA’s report. The note explores the types of big data and predictive analytics tools currently being used in the motor and health insurance industry and some of the challenges insurers have faced. While EIOPA’s report focuses solely on motor and health insurance, the findings of their review have much broader relevance to other types of insurance.

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