what to know more about concept of Big Data

The concept of Big Data has been around for a long time, but, in the last decade, it has become one of the most popular phrases in the business world. Companies & colleges like hkbk group of institutions have always collected a large amount of data because information is essential for entrepreneurs to know and understand the performance of their companies, the behavior of their consumers and current market conditions. However, for the insurance industry, they have a very important meaning and are part of strategies focused on helping our clients, and therefore our business.  
 

The concept of Big Data is closely related to the notion of digitization; without digitalization, it would be impossible to take advantage of Big Data. The digital transformation requires a digitalization of the productive, financial and commercial processes, since the cornerstone of this is digital information. Just collecting information will not produce any positive impact. To benefit from Big Data you need technology, automation and an effective data analysis system. Get into one of the best Big data training institute in Bangalore to know more detailed understanding of the technology.

 

If your company is still collecting data in the traditional way, it is the right time to make a change and adopt digitalization. The Big Data involves vast amounts of information, because of this, companies that want to use this data must have the proper technology to extract, store and analyze them critically. In this way, Big Data and Analytics can be considered fundamental pillars in how we identify and quantify risks. Through historical information analyzes it is possible to obtain estimates of the expected loss ratio, as well as, for example, the possible volatility that would generate catastrophic events. If you are the one who is keen to learn the technology start from the Big data training institute in Bangalore.

For our clients, this means that we may use risk-related data to be assessed from many similar companies on size, industry and geographical position, loss reporting and insurable value distribution to determine trends and behaviors that our clients have somehow or have no registration.Today big data analysis is no longer “just an experimental tool”. Many companies have started to get real results with this approach and are expanding their efforts to cover more data and more models.

Big data technologies, such as Hadoop and cloud-based analytics, can offer substantial cost savings. While comparisons between Big Data technology and traditional architectures (notably databases and marts) are difficult to make due to their differences in functionality, a price comparison suggests improvements. Virtually every major company I have interviewed, however, is using Big Data technologies, not to replace existing architectures, but to scale them up. Instead of processing and storing large amounts of new data in a database, for example, companies are using Hadoop clusters for this purpose and moving the data to corporate databases whenever they need it for production analytic applications.