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How Insurance Companies Use Data To Measure Risk And Choose Rates

Smart Data Collective

The auto insurance industry has always relied on data analysis to inform their policies and determine individual rates. With the technology available today, there’s even more data to draw from. The good news is that this new data can help lower your insurance rate. Demographics. This includes: Age. Marital status.

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How Insurers Evaluate Data and Incorporate it Into their Business Model

Smart Data Collective

One of the industries most affected by data technology has been the insurance sector. In order to appreciate the role of big data in insurance, it is necessary to look at its historical context. Insurance may sound like a boring business, but in reality, it is the most interesting part of the economy.

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28 Best Insurance KPIs and Metrics Examples for 2020 Reporting

Jet Global

What Is an Insurance KPI? An insurance Key Performance Indicator (KPI) or metric is a measure that an insurance company uses to monitor its performance and efficiency. Insurance metrics can help a company identify areas of operational success, and areas that require more attention to make them successful. View Guide Now.

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Improve Underwriting Using Data and Analytics

Cloudera

Insurance carriers are always looking to improve operational efficiency. We’ve previously highlighted opportunities to improve digital claims processing with data and AI. In this post, I’ll explore opportunities to enhance risk assessment and underwriting, especially in personal lines and small and medium-sized enterprises.

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The Sprint towards Digital Healthcare

Cloudera

As healthcare providers and insurers /payers worked through mass amounts of new data, our health insurance practice was there to help. One of our insurer customers in Africa collected and analyzed data on our platform to quickly focus on their members that were at a higher risk of serious illness from a COVID infection.

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Data privacy examples

IBM Big Data Hub

Deploying privacy protections: The app uses encryption to protect data from cybercriminals and other prying eyes. Even if the data is stolen in a cyberattack , hackers can’t use it. These access controls reduce the chances that the data is used for unauthorized or illegal purposes.

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The Foundations of a Modern Data-Driven Organisation: Change from Within (part 2 of 2)

Cloudera

The report classified employees’ reasons for leaving into six broad categories such as growth opportunity and job security, demonstrating the importance of using performance data, data collected from voluntary departures and historical data to reduce attrition for strong performers and enhance employees’ well-being.