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Using data to price policies. One way to reduce risk is to control for as many variables as possible when underwriting policies, and that is where the New Car Assessment Program (NCAP) comes into play. (Photo: Shutterstock)

The potential of Big Data and analytics is creating a lot of excitement in the insurance industry. This is not surprising, given the most critical part of an insurer’s work — accurately assessing risk and pricing profitable policies accordingly — rests on the ability to analyze and identify trends within massive data sets such as credit scores, accident trends and climate models.

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