Big Data Analytics Adoption in the Indian Insurance Industry: Challenges and Solutions
Big Data Analytics in the Insurance Market
ISBN: 978-1-80262-638-4, eISBN: 978-1-80262-637-7
Publication date: 18 July 2022
Abstract
Background: Insurance was discovered many centuries before Christ (BC). In the second and third millennia BC, Chinese and Babylonian traders traded risks. Insurance is now the backbone of the economy, but penetration is low in developing countries. Big data, internet of things (IoT), and InsurTech have recently ushered in the fourth industrial revolution in insurance.
Objective: This study examines the Indian challenges and solutions of using Big Data Analytics (BDA).
methodology: A SLR was used to extract themes/variables related to challenges and solutions in adopting BDA in the Indian insurance sector. Google Scholar was searched for relevant literature using keywords. Inclusion and exclusion criteria were used to filter the studies.
Findings: This study identified several barriers to BDA adoption in the Indian insurance industry. Policymakers could use the suggestions to improve insurance service delivery.
Practical implication: Insurers can understand the challenges, and accordingly, they can adopt the proposed solution in this study to enhance the insurance penetration in India.
Keywords
Citation
Saeed, M. and Arshed, N. (2022), "Big Data Analytics Adoption in the Indian Insurance Industry: Challenges and Solutions", Sood, K., Balusamy, B., Grima, S. and Marano, P. (Ed.) Big Data Analytics in the Insurance Market (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 81-102. https://doi.org/10.1108/978-1-80262-637-720221005
Publisher
:Emerald Publishing Limited
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