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Use of big data in insurance

The global insurance sector is currently undergoing a period of significant change. A new wave of advanced data-processing and analytic techniques, such as machine learning, are being exploited thanks to the supply of huge quantities of data. Abundant datasets are created and made available rapidly, even in real-time, from data captured via mobile devices, Internet of Things and wearable tech. Cloud computing and 5G networks provide the connective backbone of sophisticated data-intensive applications, which combined, have the potential to completely rewrite the basic mechanics of insurance. Although traditionally considered technology laggards, and risk averse, insurance enterprises are now starting to react to this digitisation and the new opportunities it brings. In this chapter, we discuss the function of insurance, how new technologies can augment and change the sector, and highlight some of the key challenges that these new technologies introduce.

History

School

  • Mechanical, Electrical and Manufacturing Engineering
  • Business and Economics

Department

  • Economics

Published in

The Palgrave Handbook of Technological Finance

Pages

669 - 700

Publisher

Palgrave Macmillan

Version

AM (Accepted Manuscript)

Rights holder

© The Editor(s) (if applicable) and The Author(s) 2021

Publisher statement

Users may only view, print, copy, download and text-and data-mine the content, for the purposes of academic research. The content may not be (re-)published verbatim in whole or in part or used for commercial purposes. Users must ensure that the author’s moral rights as well as any third parties’ rights to the content or parts of the content are not compromised. Raghavendra Rau; Robert Wardrop; Luigi Zingalesy, 2021, reproduced with permission of Palgrave Macmillan. The final authenticated version is available online at: https://doi.org/10.1007/978-3-030-65117-6_24

Publication date

2021-09-10

Copyright date

2021

ISBN

9783030651169; 9783030651176

Language

en

Editor(s)

Raghavendra Rau; Robert Wardrop; Luigi Zingales

Depositor

Dr Melanie King. Deposit date: 9 October 2021

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