Book description
The business guide to Big Data in insurance, with practical application insightBig Data and Analytics for Insurers is the industry-specific guide to creating operational effectiveness, managing risk, improving financials, and retaining customers. Written from a non-IT perspective, this book focusses less on the architecture and technical details, instead providing practical guidance on translating analytics into target delivery. The discussion examines implementation, interpretation, and application to show you what Big Data can do for your business, with insights and examples targeted specifically to the insurance industry. From fraud analytics in claims management, to customer analytics, to risk analytics in Solvency 2, comprehensive coverage presented in accessible language makes this guide an invaluable resource for any insurance professional.
The insurance industry is heavily dependent on data, and the advent of Big Data and analytics represents a major advance with tremendous potential – yet clear, practical advice on the business side of analytics is lacking. This book fills the void with concrete information on using Big Data in the context of day-to-day insurance operations and strategy.
- Understand what Big Data is and what it can do
- Delve into Big Data's specific impact on the insurance industry
- Learn how advanced analytics can revolutionise the industry
- Bring Big Data out of IT and into strategy, management, marketing, and more
Big Data and analytics is changing business – but how? The majority of Big Data guides discuss data collection, database administration, advanced analytics, and the power of Big Data – but what do you actually do with it? Big Data and Analytics for Insurers answers your questions in real, everyday business terms, tailored specifically to the insurance industry's unique needs, challenges, and targets.
Table of contents
- Cover
- Series Page
- Title Page
- Copyright
- Preface
- Acknowledgements
- About the Author
- Chapter 1: Introduction – The New ‘Real Business’
-
Chapter 2: Analytics and the Office of Finance
- 2.1 The Challenges of Finance
- 2.2 Performance Management and Integrated Decision-Making
- 2.3 Finance and Insurance
- 2.4 Reporting and Regulatory Disclosure
- 2.5 GAAP and IFRS
- 2.6 Mergers, Acquisitions and Divestments
- 2.7 Transparency, Misrepresentation, The Securities Act and ‘SOX’
- 2.8 Social Media and Financial Analytics
- 2.9 Sales Management and Distribution Channels
- Notes
-
Chapter 3: Managing Financial Risk Across the Insurance Enterprise
- 3.1 Solvency II
- 3.2 Solvency II, Cloud Computing and Shared Services
- 3.3 ‘Sweating the Assets’
- 3.4 Solvency II and IFRS
- 3.5 The Changing Role of the CRO
- 3.6 CRO as Customer Advocate
- 3.7 Analytics and the Challenge of Unpredictability
- 3.8 The Importance of Reinsurance
- 3.9 Risk Adjusted Decision-Making
- Notes
- Chapter 4: Underwriting
- Chapter 5: Claims and the ‘Moment of Truth’
-
Chapter 6: Analytics and Marketing
- 6.1 Customer Acquisition and Retention
- 6.2 Social Media Analytics
- 6.3 Demography and How Population Matters
- 6.4 Segmentation
- 6.5 Promotion Strategy
- 6.6 Branding and Pricing
- 6.7 Pricing Optimization
- 6.8 The Impact of Service Delivery on Marketing Success
- 6.9 Agile Development of New Products
- 6.10 The Challenge of ‘Agility’
- 6.11 Agile Vs Greater Risk?
- 6.12 The Digital Customer, Multi- and Omni-Channel
- 6.13 The Importance of the Claims Service in Marketing
- Notes
- Chapter 7: Property Insurance
- Chapter 8: Liability Insurance and Analytics
-
Chapter 9: Life and Pensions
- 9.1 How Life Insurance Differs from General Insurance
- 9.2 Basis of Life Insurance
- 9.3 Issues of Mortality
- 9.4 The Role of Big Data in Mortality Rates
- 9.5 Purchasing Life Insurance in a Volatile Economy
- 9.6 How Life Insurers Can Engage with the Young
- 9.7 Life and Pensions for the Older Demographic
- 9.8 Life and Pension Benefits in the Digital Era
- 9.9 Life Insurance and Bancassurers
- Notes
- Chapter 10: The Importance of Location
- Chapter 11: Analytics and Insurance People
- Chapter 12: Implementation
-
Chapter 13: Visions of the Future?
- 13.1 Auto 2025
- 13.2 The Digital Home in 2025 – ‘Property Telematics’
- 13.3 Commercial Insurance – Analytically Transformed
- 13.4 Specialist Risks and Deeper Insight
- 13.5 2025: Transformation of the Life and Pensions Industry
- 13.6 Outsourcing and the Move Away from Non-Core Activities
- 13.7 The Rise of the Super Supplier
- Notes
- Chapter 14: Conclusions and Reflections
- Appendix A: Recommended Reading
- Appendix B: Data Summary of Expectancy of Reaching 100
- Appendix C: Implementation Flowcharts
- Appendix D: Suggested Insurance Websites
- Appendix E: Professional Insurance Organizations
- Index
- End User License Agreement
Product information
- Title: Analytics for Insurance
- Author(s):
- Release date: October 2016
- Publisher(s): Wiley
- ISBN: 9781119141075
You might also like
book
Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools
Insurers: use analytics to drive far more value from your most important asset -- data! Today, …
book
Financial Statement Analysis
This book presents financial statements as a set of dynamic instruments that can be used for …
book
Valuation: Measuring and Managing the Value of Companies, Fifth Edition
The number one guide to corporate valuation is back and better than ever Thoroughly revised and …
book
Corporate Finance For Dummies
Score your highest in corporate finance The math, formulas, and problems associated with corporate finance can …