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Unifying Data for Uncommon Insights: A Big Data Approach

—December 10, 2014
Unifying Data for Uncommon Insights: A Big Data Approach

By Peter Chen | December 10, 2014

It’s undeniable that we are living in the age of Big Data. More data is being generated now across all industries than any other time in human history. The workers’ compensation and property and casualty (P&C) industries are no different.

Experts claim that the three Vs of Big Data are:

  • Volume
  • Velocity
  • Variety

The volume aspect of Big Data is fairly obvious as it’s in the name. However, this may not necessarily be the most critical aspect of Big Data since a lot of companies can claim to have large volumes of data. Velocity can be defined as the speed at which data comes at us, and this is very application dependent. All data isn’t necessarily received in real-time as it is in social network feeds or stock prices. Therefore, velocity as criteria for Big Data can be a moot point for most industries that do not use or need real-time processing of data. Variety of data, however, is perhaps the most underappreciated and potentially the most valuable aspect of Big Data.

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