Big data provides intelligence or insurance, pharmaceutical industries
Taking unstructured data from new sources has led to exciting new models. According to Computerworld, the latest source of information for big data analytics is the onboard systems of cars. The source reported that one tech-savvy insurance firm has begun to adjust its premiums based on streams of information taken from their customers' vehicles.
The news source stated that the company in question, insurethebox, installs a device in the cars of customers, young drivers especially, to provide a stream of big data. The information is analyzed to determine driving habits such as distance and speed traveled and to determine nuanced information such as whether drivers stop on long trips.
According to Business Day, another exciting new use of unconventional data has come in the pharmaceutical field, where analytics can help counter fraud and counterfeiting of medications.
According to the source, a new program involves customized codes on bottles of legitimate medications. The new system not only provides users an instant verification that their medicine is real when they report the code, the reporting process also helps populate a big database that can reveal worldwide trends about medication use and help companies allocate fraud prevention resources.