Volume 20 No 12 (2022)
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New big data ideas and concepts have recently come to light to address the tremendous increase in data volumes in various corporate areas. However, in addition to creating new obstacles for traditional data processing systems, the phenomenal expansion of internet usage and social media has also introduced enormous volumes of data. Because it creates enormous volumes of collected records, both structured and unstructured, which typical data processing techniques cannot manage, the insurance industry is distinguished by its information-driven characteristic. According to research more than 2/3 of insurance companies use analytics to reduce issues and expenses and 60% say that data help in increasing sale and profitability. In this research, we examine the extra benefits of analytics compared to the need to process insurance data and make decisions. Additionally, the article included an analytical analysis that supported several gains made by insurance businesses, including the effective processing of sizable, diversified data sets and even the facilitation of improved decision-making. The article argues that adopting analytics is helpful because it enables the development of fresh, potent new business models, which in turn allow insurance to shift its emphasis from "understand and protect" to "predict and prevent."
Insurance Risk, Insurance Company, Pricing an Insurance Contract, Run-off Trianlges, ChainLadder Method
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