Casualty Actuarial Society (CAS) Practice Exam

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What primarily enables data capture according to recent advancements?

  1. Traditional computing systems

  2. Smart products connected through the Internet of Things

  3. Manual data entry processes

  4. Remote data storage solutions

The correct answer is: Smart products connected through the Internet of Things

Recent advancements have significantly enhanced the ability to capture data, with smart products connected through the Internet of Things (IoT) being a primary enabler. These smart products are equipped with sensors and connectivity features that allow them to collect and transmit data automatically. This continuous stream of data capture generates vast amounts of information from various sources, such as home appliances, wearable devices, industrial machines, and vehicles, all of which contribute to a more comprehensive understanding of usage patterns, operational efficiency, and other analytics. While traditional computing systems and remote data storage solutions play supporting roles in managing and processing data, they do not inherently facilitate the initial capture of data in the same dynamic way as IoT-enabled devices. Manual data entry processes, although they can generate data, are often time-consuming, error-prone, and not scalable, especially when compared to the automated data collection capabilities provided by IoT technology. This places smart products at the forefront of modern data capture methodologies, making them essential in leveraging the potential of big data and advanced analytics.