Big data has become an increasingly important issue for tier-1 insurers as the management and utilization of big data is critical to competitiveness within the insurance industry; all companies must start to tap the benefits of big data before it is too late, according to a recent report from Gartner.

However, the report, titled “P&C and Life Insurers Not Ready for Big Data,” goes on to state that most insurers are still struggling to understand what big data is.

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