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5 pages/β‰ˆ1375 words
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Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
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Total cost:
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Topic:

Impact of Big Data Analytics in the Insurance Industry

Essay Instructions:

In this assignment, you will research and create a presentation about the impact Big Data analytics has had on a specific industry.
Create a presentation that incorporates the concepts presented in this course by :
discussing how a specific industry has been effected by big data analytics
discussing how the role you are interested in playing within the industry can have a beneficial impact of operational efficiency, strategic initiatives, and product development
discussing the challenges you foresee in bringing about a culture shift away from descriptive statistics and passive reviews of historic data to a culture reliant on and confident in big data, predictive analytics and the new opportunities presented by advances in visualization and communication
providing visualizations of the main points you are making.
Begin by selecting one of the industries discussed in this course (i.e., medical, energy, insurance, criminal justice, transportation, etc.) or an industry have an interest in. You are to research the scale, effects, impacts, and disruptions that Big Data analytics have had on the industry.
Answer the following questions about the industry:
How has data analytics evolved specifically in the industry?
Are there any ways in which big data has disrupted the industry?
How do you see analytics changing the industry in the future?
Then, provide insights into data analytics within the industry by answering the following questions:
What are the organizational roles associated with data analytics? Are there any that are unique to the industry?
What is the current demand for data analytics talent in the industry?
Finally, discuss your interest in working within the industry:
What makes it your ideal industry? What specific role would you like to play? Is there a position you aspire to? Why?
If this is not an industry you wish to work in, explain why. Include a discussion of why the available roles do not interest you.
Be sure to incorporate compelling and supporting visualizations throughout your presentation.
What to Submit
What to Submit
Incorporates visualizations to support the written information (these should be highly connected to points being made in the text)
Be supported by a minimum of four (4) scholarly references.
Properly cites all sources using APA citation rules
Submit your file for grading to this assignment upload link. Your file must have the following name:
_M5_IndustryAnalysis.pdf

Essay Sample Content Preview:

Module 5-Industry Analysis
Introduction to analytics
Due Date
Introduction
Advances in technology and data analysis make it easier to organize and process data to become essential information for insurance companies. Big Data is the process of collecting and analyzing large volumes of data through various digital tools. Technology has made it easier to process large data sets from various sources, and there are the benefits of implementing Big Data and data analysis in insurance. Big data, artificial intelligence (AI), and machine learning are now a reality in the insurance industry. The insurance industry heavily relies on accurate and timely data to evaluate trends, patterns, and risks. Various industries already use this massive data storage and analysis technology to support decisions (Columbus, 2017). Advances in big data analytical systems, artificial intelligence techniques, and their applications in the workplace are a change that can improve risk prevention. Until recently, the insurance industry relied on traditional data analysis systems, but now big data can facilitate risk modeling, interpret customer behavior, and evaluate the impact of decisions on profitability and risk of losses.
Disruption and changes
Big data incorporates data from various sources, and insurers can better evaluate their clients’ habits, risk projection, and client profiles than using conventional data analysis tools. New data analytics tools and big data have brought changes in the insurance sector, allowing the insurers to adjust better to the target market needs, lower costs, and the insurance premiums. Big data and data science are essential to improving the customer experience at a time when consumers seek more personalized services. The insurance industry cannot respond and meet customer needs if the players do not understand what they want and need.
Big data will allow insurance companies to operate more effectively by analyzing processes and implementing more effective solutions that optimize outcomes. There will be an improvement in analyzing business operations to predict results and customer behavior, which is necessary to minimize risks. There are limitless data analysis applications among insurers, and it is now easier to access large volumes of data and analyze the data. The data and information add value in making data-driven decisions about business operations. Through data extraction and analysis, insurance companies can obtain valuable information about their operations and, through data analysis, they make decisions that help optimize their operations. Data analytics also help insurance executives make better informed and data-driven decisions on operations, target market, and business performance.
Implications of big data in insurance
There is improved customization of product offers, and big data technological innovations allow the insurers to satisfy demand more efficiently and timely. Data analytics tools facilitate offering experiences with greater personalization of the offers based on customers’ data as there is a large volume of data. The insurers collect data and information from multiple transactions, and those with better data analytic capabilities have a competitive advantage over th...
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