General Insurance Conference 2014: Big Data for Insurance Companies
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This document discusses how big data and social media can be useful for insurance companies. It provides two case studies of how insurers can use social media data: (1) to better assess health risks of applicants by checking their social media, and (2) to help with disaster damage assessments by identifying affected areas and tracking social sentiment during natural disasters. The document emphasizes that insurers need the right people, technology, data, leadership, and problems to focus on to successfully utilize big data.
General Insurance Conference 2014: Big Data for Insurance Companies
- 1. Upsize – Big Data For Insurance Company Murphy Choy All graphics are copyrighted to the relevant owners. I do not own any of the graphics.
- 2. What do we think about actuarial practitioners in insurance company? Very unfortunately, this is what a layperson will think…
- 3. What do actuarial practitioners in insurance company really do? See the difference?
- 4. What is big data? Basically, lots and lots of data…
- 5. Do Actuaries deal with big data? Kinda of…
- 6. What is the next big data for insurance companies? Social Media…
- 7. Case Study 1: Assessing the risk of the applicant. Can we do better than a check up?
- 8. Checking the facebook Assessing their health…in real time…
- 9. Checking the facebook Pre filtering people with serious issues…
- 10. Big Data and Social Media • The rise of social media has increased the propensity for people to actually post their activities online. • This allows insurance companies to have an additional source of information to work on. • This is crucial for determining the risk in real time which is not possible in the past. • Let us look at several case study where big data can be very useful to General Insurance practitioners.
- 11. Case Study 2: Disaster Damage Assessment
- 13. Hurricane Haiyan
- 14. Hurricane Sandy
- 15. Approach • Identification of areas affected • Through photographic and social media information to identify places heavily damaged. • Use social sentiment to track where people are severely affected by the disasters. • Many research papers have demonstrated how social media can be useful in the midst of disasters.
- 16. How do we start to be in the big data business?
- 17. Right People
- 18. Right Technology
- 19. Right Data
- 20. Right Leadership
- 21. Right Problem
Editor's Notes
- #2: What is Big Data and Business Analytics to begin with? What are the benefits that are foretold and promised to organisations? How are all of these applicable to general insurance? In this presentation we aim to disambiguate the marketing hype from the practically of Big Data Business Analytics and illustrate how these can be applied in the general insurance context. Furthermore, we explore a number of key ingredients and considerations required for the successful adoption of business analytics within an organisation.