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Revolutionizing Insurance Practices Through Advanced Data Alchemy

Sanjay Taneja ^a

Vartika Bisht ^b

Mohit Kukreti ^c

^{^a}Graphic Era Deemed to be University, India

^{^b}Chandigarh University, India

^{^c}University of Technology and Applied Sciences-Ibri, Sultanate of Oman

Data Alchemy in the Insurance Industry

ISBN: 978-1-83608-583-6, eISBN: 978-1-83608-582-9

Publication date: 21 November 2024

Abstract

Purpose

The study delves into the role played by cutting-edge data analytics, machine learning, and innovative technologies in reshaping traditional insurance practices. The primary goal of this review is to juxtapose findings from the literature sources, enabling a comprehensive analysis of the current state of implementation.

Design/Methodology/Approach

Systematic narrative review methodology has been applied to the present study. Scopus database has been used for the manuscripts ranging from year 2020 to 2024 considering the 5-year rule. 74 manuscripts were reviewed to navigate the landscape of data-driven revolution, unlocking the potential to elevate insurance operations to new heights. Two research questions about the impact of data alchemy on operational efficiency and insights and its contribution to reshaping the future landscape of insurance practices have been answered.

Findings

This approach captured the interplay between the theoretical potential for insurance and the practical realities of implementation of advanced practices, drawing upon the collective expertise within the field. By doing so, the article discerned the trajectory of the insurance sector concerning the advanced data alchemy observed in the industry.

Originality/Value

The current research contributes to the broader area of data alchemy in the insurance industry. The transformative power of big data analytics lies in its capacity to turn vast and diverse datasets into valuable insights, driving innovation, informed decision-making, and improved business outcomes across various sectors. Notably, the research extends the body of literature exploring the impact of data alchemy on operational efficiency and insights, area where limited studies have been conducted.

Keywords

Citation

Taneja, S., Bisht, V. and Kukreti, M. (2024), "Revolutionizing Insurance Practices Through Advanced Data Alchemy", Taneja, S., Kumar, P., Reepu, Kukreti, M. and Özen, E. (Ed.) Data Alchemy in the Insurance Industry, Emerald Publishing Limited, Leeds, pp. 119-131. https://doi.org/10.1108/978-1-83608-582-920241018

Publisher

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Emerald Publishing Limited