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How big data can transform Latin America

Big data is transforming the world, and Latin America is certainly not unaffected. We are on the brink of the Fourth Industrial Revolution. This is a digital revolution where a fusion of technologies blurs the lines between the way we live, work, and interact with each other. Right now, information is becoming increasingly available. Big data, in turn, is being mined by a spectrum of people to understand our behavior and how we use different products.

In this Pacific Prime Latin America article, we will discuss how big data can transform Latin America.

Build ‘smart cities’

Thanks to big data, more and more cities are morphing into “smart cities” in Latin America. In these cities, data is used to provide better services to the residents. From streetlights to water pipes, you’ll find sensors collecting data. They’ll then alert city officials to potential issues before they become problems.

Guadalajara, Mexico, is in the process of a smart city transformation. Its city-wide wifi keeps all Guadalajarans connected to the Internet. This both encourages and pushes citizens towards the knowledge economy of the future. With free and accessible wifi, residents can seek answers to any questions they have. You will see smarter, more knowledgeable residents with this transformation.

On the other hand, Rio de Janeiro, Brazil, is one of the largest Smart Cities in the world. This is a future Latin American cities can all look toward. It’s well-protected with over 1,000 surveillance cameras, and 500 city managers taking shifts to take care of the city. What’s more, Rio de Janeiro has its own social network: Rio Agora. If you’re living in Rio, you’re in luck. This is a platform for citizens where you discuss and propose public policies with the city. Through Rio Agora, all opinions matter. Interaction between the city and its residents will also be more open as a result.

Fight corruption

Open and freely accessible data is the key to making changes stick. It ensures that the economic, political, and social shifts driven by various stakeholders (i.e. organizations, institutions) are managed and taken advantage of.

Aside from understanding user behavior, you can easily identify trends with big data. With open data, you can innovate better and make the right decisions. For instance, you might notice that there is a niche in the Latin American market by examining datasets. Alternatively, government officials can also identify areas for improvement in their public services.

You might be surprised to find that big data can actually reduce the corruption rate. It holds all political leaders accountable for their actions and promises. With open data, it becomes easy to fact-check.

Improve health service delivery

Personalized, efficient healthcare services are the new, shining standard in the healthcare industry. By studying patient behavior, big data enhances the capabilities of existing health services. In fact, it could possibly help to cure diseases, cut down costs, and even avoid epidemics! The more data you collect, the better you are at predicting future trends in diseases. Also, healthcare professionals can easily prescribe preventative treatment before you even get sick. For example, you could avoid paying for sky-high surgery costs by identifying your disease early.

Curious to know where your health data comes from? It’s collected from a wide range of sources, including but not limited to your electronic health records (EHRS), wearables, pharmaceutical research, and more.

With big data, the Ministry of Health in Uruguay discourages monopoly among all health service providers. There is no paying a ridiculous price for lacklustre service. Citizens use a web portal to compare between health providers. There, they can also learn more about the healthcare options available.

Big data in the insurance industry

So, how is Latin America doing in the insurance industry? It’s a slow digital transformation. No players in the insurance industry have access to all or most of the information. On top of that, they tend to safeguard whatever they have in hand. Thus, collaboration is usually inefficient and few and far in between. In other words, data is not open and accessible to all. Ready to dive deeper into the world of insurance? Download our free State of Health Insurance Report 2019-2020 now!

Interested in protecting yourself or your family with an insurance plan? Pacific Prime Latin America is here to help. We’ve got you covered whether it’s individual health insurance or family health insurance. With over 20 years of experience in the industry, our insurance advisors are happy to find the perfect insurance solution for you. Contact us for impartial advice or compare quotes with our free online quotation system today!

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Senior Content Creator at Pacific Prime Latin America
Serena Fung is a Senior Content Creator at Pacific Prime, a global insurance brokerage and employee specialist serving over 1.5 million clients in 15 offices across the world. With 2+ years of experience writing about the subject, she aims to demystify the world of insurance for readers with the latest updates, guides and articles on the blog.

Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).

Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.
Serena Fung