Unlocking the Power of Big Data in Insurance: The Role of Data Analytics

Abstract

Introduction: The current study provides a conceptual base for big data analytics in the insurance industry that might be useful for academics, researchers, and practitioners conducting future studies in the respective field.

Purpose: This study intends to investigate the transformative impact of big data analytics in the insurance industry. It elaborates on how advanced data analytics techniques are reshaping the insurance landscape, from customer acquisition and retention to risk modeling, pricing, and claims management.

Methodology: The current study incorporates a thorough review of existing literature, industry reports and academic articles related to big data analytics in the insurance sector. The aim is to develop an in-depth comprehension of the subject by synthesizing key insights and trends.

Findings: The findings underscore the evolutionary potential of the insurance sector through big data analytics, emphasizing its role as a catalyst for innovation, efficiency, and growth. Embracing data-driven strategies is essential for insurers to adapt to evolving market dynamics, meet customer expectations, and maintain a competitive edge in the digital age.

Citation

Singh, D. and Gautam, A. (2024), "Unlocking the Power of Big Data in Insurance: The Role of Data Analytics", Taneja, S., Kumar, P., Reepu, Kukreti, M. and Özen, E. (Ed.) Data Alchemy in the Insurance Industry, Emerald Publishing Limited, Leeds, pp. 13-26. https://doi.org/10.1108/978-1-83608-582-920241003