Insurance in Big Data Era

In recent years, Big Data has been a popular phrase. All industries hope to seek for further development by using Big Data. The insurance industry, in particular, has a closer link with Big Data more than we can imagine. This paper will illustrate what Big Data is, analyze the relationship between Big Data and insurance from four perspectives: risk-controlling and rating in the insurance industry, product design, sales of product and regulation, and thereafter expound on the specific application of Big Data in the insurance industry. At the end of the paper, suggestions for future development of the insurance industry will be made. Big Data has become a widely-discussed phrase in this era though its time of emergence remains unconfirmed. It represents a way of thinking. Any data processing should be applied in a specific scenario; otherwise it's nothing but an empty talk. And the insurance industry is one scenario where Big Data is appropriately applied. In this paper, we will reach the suggestions for future development of the insurance industry by the discussion of Big Data per se and the analysis of the close relationship between Big Data and the industry.