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The current trend of Insuretech foraying into the IoT arena has lead to a significant increase in the collection, storage, and use of a diverse amount of information by insurance companies. Often referred to as big data, this information boom in the insurance industry has been described by the National Association of Insurance Commissioners (NAIC) as unstructured or structured data being used to influence underwriting, rating, pricing, forms and claim handling. With the help of big data, insurance companies can more accurately underwrite and assess risk, reduce fraud and provide quicker claims servicing.