Prelims

Half Title Page

Big Data Analytics in the Insurance Market

Series Page

EMERALD STUDIES IN FINANCE, INSURANCE, AND RISK MANAGEMENT

Series editors: Ercan Özen and Simon Grima

Books in this series collect quantitative and qualitative studies in areas relating to finance, insurance, and risk management. Subjects of interest may include banking, accounting, auditing, compliance, sustainability, behaviour, management, and business economics.

In the disruption of political upheaval, new technologies, climate change, and new regulations, it is more important than ever to understand risk in the financial industry. Providing high-quality academic research, this book series provides a platform for authors to explore, analyse, and discuss current and new financial models and theories and engage with innovative research on an international scale.

Previously published:

• Uncertainty and Challenges in Contemporary Economic Behaviour

  Ercan Özen and Simon Grima

• New Challenges for Future Sustainability and Wellbeing

  Ercan Özen, Simon Grima and Rebecca Dalli Gonzi

• Insurance and Risk Management for Disruptions in Social, Economic and Environmental Systems: Decision and Control Allocations within New Domains of Risk

  Simon Grima, Ercan Özen and Rebecca Dalli Gonzi

• Public Sector Leadership in Assessing and Addressing Risk

  Peter C. Young, Simon Grima and Rebecca Dalli Gonzi

Title Page

EMERALD STUDIES IN FINANCE, INSURANCE, AND RISK MANAGEMENT, VOLUME 5

BIG DATA ANALYTICS IN THE INSURANCE MARKET

EDITED BY

KIRAN SOOD

Chitkara Business School, Chitkara University, Punjab, India

BALAMURUGAN BALUSAMY

Galgotias University, India

SIMON GRIMA

University of Malta, Malta

&

Pierpaolo Marano

University of Latvia, Latvia

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2022

Editorial matter and selection © 2022 Kiran Sood, Balamurugan Balusamy, Simon Grima and Pierpaolo Marano. Published under exclusive licence by Emerald Publishing Limited.

Individual chapters © 2022 Emerald Publishing Limited.

Reprints and permissions service

Contact: permissions@emeraldinsight.com

No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. Any opinions expressed in the chapters are those of the authors. Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters’ suitability and application and disclaims any warranties, express or implied, to their use.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-80262-638-4 (Print)

ISBN: 978-1-80262-637-7 (Online)

ISBN: 978-1-80262-639-1 (Epub)

Contents

About the Editors

Prof Kiran Sood is Professor at Chitkara Business School, Chitkara University, Punjab, India. She has received her Undergraduate and PG degrees in Commerce from Panjab University respectively in 2002 and 2004. She earned her Master of Philosophy degree in 2008 and Doctor of Philosophy in Commerce with a concentration on Product Portfolio Performance of General Insurance companies in 2017 from Panjabi University, Patiala, India. Before joining Chitkara University in July 2019, Kiran has served four organisations with a total experience of 18 years. She has published various articles in various journals and presented papers in various international conferences. She serves as an Editor of the refereed journal, particularly the IJBST International Journal of BioSciences and Technology and International Journal of Research Culture Society.

Dr Balamurugan Balusamy is Professor in the School of Computing Science and Engineering at Galgotias University, India. His research focusses on blockchain and IoT. He has published 30 technology books and over 150 journal and conference papers and book chapters. He serves on the Advisory Committee for several start-ups and forums and does consultancy work for the industry on industrial IoT. He has given over 175 talks at events and symposiums. He holds a PhD degree in ‘Investigations of cloud computing access control techniques’ from VIT University, Vellore, India.

Prof Simon Grima is the the Deputy Dean of the Faculty of Economics, Management and Accountancy, Associate Professor and the Head of the Department of Insurance and Risk Management which he set up in 2015 and started and coordinates the MA and MSc Insurance and Risk Management degrees together with the Undergrad degree in Insurance. Simon is also a Professor at the University of Latvia, Faculty of Business, Management and Economics and a visiting Professor at UNICATT Milan. He served as the President of the Malta Association of Risk Management (MARM) and President of the Malta Association of Compliance Officers (MACO) between 2013 and 2015, and between 2016 and 2018 respectively. Moreover, he is the chairman of the Scientific Education Committee of the Public Risk Management Organization (PRIMO). His research focus is on Governance, Regulations and Internal Controls and has over 30 years of experience varied between Financial Services, academia and public entities. He has acted as co-chair and is a member of the scientific program committee on some international conferences and is a chief editor, editor and review editor of some Journals and Book Series. He has been awarded outstanding reviewer for Journal of Financial Regulation and Compliance in the 2017 Emerald Literati Awards. Moreover, Simon acts as an Independent Director for Financial Services Firms, sits on Risk, Compliance, Procurement, Investment and Audit Committees and carries out duties as a Compliance Officer, Internal Auditor and Risk Manager.

Prof Pierpaolo Marano is a Professor at the University of Latvia and an Associate professor at the University of Malta and the Catholic University of the Sacred Heart (Milan), where he graduated in law. He also holds a PhD in Banking Law and Regulation from the University of Siena, and he is a scholar in residence at the University of Connecticut, School of law-Insurance Law Center, and an Honorary Fellow at the University of Hong Kong – Asian Institute of International Financial Law. A widely sought speaker on insurance law and one of the Italian Code of Private Insurance drafters, he serves as an Academic Member of the Insurance and Reinsurance Stakeholders Group at the European Insurance and Occupational Pensions Authority (EIOPA). He is the Director of the AIDA Europe Research Series on Insurance Law and Regulation.

About the Contributors

Shivani Agarwal is an Assistant Professor, KIET School of Management at KIET Group of Institutions, Ghaziabad, India. She has earned her PhD from Indian Institute of Technology (IIT, Roorkee) in Management. She is engaged in teaching, research, and consultancy assignments. She has more than 10 years of experience in teaching and in handling various administrative as well as academic positions. She also presented several research papers in national and international conferences. She has contributed chapters in different books published by Taylor & Francis, Springer, and IGI Global. She has conducted and attended various workshops, FDPs and MDPs. She is the Book Series Editor of Information Technology, Management and Operations Research Practices, CRC Press, Taylor & Francis Group, USA. She is Guest Editor with IGI-Global, USA. Her research interests include quality of work life, trust, subjective well-being, knowledge management, employer branding innovation, and human resource management.

Mr Akhil M. P. is a PhD candidate at Department of Commerce, School of Business Management and Legal Studies, University of Kerala. He was pursuing his research under UGC JRF scheme and submitted his thesis to the university for evaluation. Prior to his research, he was a Guest Faculty at Department of Commerce, Mahatma Gandhi College, Trivandrum. He has published a number of papers in refereed, indexed national and international journals. He also presented various academic as well as research-based papers at several national and international conferences. His areas of interest include income tax, goods and services tax (GST), tax planning, public finance, HRM, insurance, international business and finance, etc.

Dr Noman Arshed is highly numerate graduate in economics, statistics, and finance. He has demonstrated his skills in analytical and quantitative skills in the domain of econometrics, management, and development economics. He has a PhD in Islamic Banking and Finance and HEC-approved supervisor.

Usman Ahmad Baba holds a BEng in Computer Engineering from University of Maiduguri, MSc in Computer Science from American University of Nigeria. He has a background in research on machine learning and is currently exploring ensemble learning algorithms, big data mining, business analytics, dimensionality reduction, deep learning, image classification, blockchain, and precision agriculture with a determination towards contributing to the body of knowledge.

Dr Rajni Bansal is an Academician of a great standing, worked as a Faculty and Academic Administrator for over 14 years in her previous positions. She is also Cost and Management Accountant and a Certified Member of Institute of Cost Accountants of India. Her research interests are in the field of cost accounting, finance, and taxation. She has earned various positions during her journey such as Head of the Department of Management, Editor of PIMT Journal of Research (UGC Care listed journal), acted as Superintendent, an Assistant to Controller in Evaluation of PTU Exams, and many others. She has attended various national and international conferences. She has also published two books along with more than 20 papers in various national and international journals. Her name has also been included in the editorial of various UGC Care listed journals.

Dr Payal Bassi is PhD in Marketing Management from Punjabi University, Patiala. Her doctorate is in ‘Marketing of ready-made garments: A comparative study of Punjab and Haryana’. She has an experience of 15 years in teaching subjects related to marketing, HRM, and personality development. She has edited journals and books in the field of business management and computer sciences. She has publications of around 20 research papers in the international/Indian journals and in conference proceedings held at national and international levels. She has authored a book in the field of training and development. She is currently working as Associate Professor in Chitkara Business School since September 2020.

Manish Bhardwaj is pursuing a PhD (submitted) from Dr Abdul Kalam Technical University, Lucknow, India. Completed MTech (Computer Science and Engineering) from SRM University, Chennai (Gold Medallist) and presently working as Assistant Professor Research (CSE) at KIET Group of Institutions, Ghaziabad, contributing his enormous academics and research works in the area of computer science, simulations, mobile ad hoc network protocols, and wireless sensor networks. He has published nearly 48 research papers in various international journals/conferences. He is also contributing in nearly 150 international conferences and journals as General Chair, International Scientific Committee Members/Reviewer (Scopus index journals and conferences), and Editorial Board Member/Reviewer in reputed journals like IEEE, Springer. He contributes five book chapters in various renowned database like CRC Press, IGI Global, etc. He has contributed nearly 13 patents (9 national + 4 international).

Surbhi Bhardwaj is currently working as an Assistant Professor at The Technological Institute of Textile and Sciences. Her research interests include banking and insurance policies and international business. She has presented research papers in various national and international conferences and is an Active Member of several research communities.

Manju Dahiya is working as an Associate Professor, Economics, School of Liberal Education, Galgotias University, Greater Noida, India. She has done MA, MPhil, MBA (finance), and PhD (economics). She is an Economist and worked with Noida International University, Roots Global Education, FIIT, and Gautam Buddha University. She has 13 years of teaching and research experience in different capacities with an exposure of corporate as well as research. She has contributed numerous articles, book chapters, and edited books in leading journals, seminars, and conference proceedings. She has presented her research paper in various national and international conferences and seminars.

Dr. Jagjit Singh Dhatterwal is presently working as Associate Professor, Computer Science and Applications, PDM University, Bahadurgarh, Jhajjar, India. He received a Doctorate in Computer Science under the Faculty of Computer Science at Mewar University, Chittorgarh, Rajasthan, India. He received a Master of Computer and Applications (M.C.A) in Computer Science and Applications from Maharishi Dayanand University, Rohtak, Haryana, India, and Bachelor’s Degree from Maharishi Dayanand University Rohtak, Haryana, India. He is a Member of Computer Science Teacher Association (CSTA), New York, USA; International Association of Engineers (IAENG), Hong Kong; International Association of Computer Science and Information Technology (IACSIT), USA; Professional Member Association of Computing Machinery, USA; IEEE; and Life Member, Computer Society of India, India. His area of interest includes Artificial Intelligence-based Multi-agent Technology. He has several publications in International/National Journals and Conferences.

Dr Kamal Gulati is a PhD and Data Analytics Expert with 19+ years of experience in teaching and research in computer science and information technology; presently working as Associate Professor at Amity University, Noida, India. He has also chaired various national and international conferences of repute and associated as Editorial Board Member for international and national, academic adviser, and research paper reviewer. He has recently won the ADMA Research Award for two consecutive semesters and has also been awarded several Outstanding Paper Awards at prestigious conferences at the university level. He has authored/co-authored many research papers in peer-reviewed national/international journals and conferences. He has also edited/authored books with national/international publishers (IGI Global, Apple Academic Press, and CRC Press) and contributed chapters in books edited by Springer, IGI global, Elsevier, and CRC Press. Till now, he has filed 18 patents and published and presented more than 60 research papers in national and international journals including 15 papers in SCOPUS, Web of Science, and SCI. He had visited various countries such as USA, Canada, Germany, UAE, Bahrain, Oman, Thailand, Malaysia, Myanmar, and Nepal (mostly for teaching and research purpose). His areas of interest are big data analytics, data science, R software, internet and web technology, IT project management, decision support system, excel, SQL, VBA, predictive modelling, risk analytics, marketing analytics, business analytics, networking, management information system, cybersecurity, cyber law, and database management system.

Deepa Gupta is a New Age Woman and an Innovative Educationist with entrepreneurial zeal. She has a doctorate in the field of corporate social responsibility and has more than 20 years of academic experience in the field of management studies. She had worked as an Adjunct Faculty for Michigan Tech University, Michigan (USA), and is an Active Researcher, Critical Thinker, and Avid Reader having hands-on experience in the field human resource management. She has presented and published various research papers in various international and national conferences and journals. She is an Active Member of SHRM, AIMA, ISTD, NHRDN, MTC Global, IIER, UPUEA, etc. She is the Author of a book titled Research Methodology, PHI Publication with ISBN-978-81-203-4381-8.

Dr Monica Gupta has 8.3 years of experiences in the field of education, research, and consultancy. Papers published in various national and international journals and research papers presented in various conferences. They have an interest in teaching various subjects like global finance, organisation behaviour, human resource management, general management, entrepreneurship, basic accounting, and many more. They have experience of handling various administrative tasks and team leading for more than four years.

Mukul Gupta is a doctorate in the field of consumer behaviour and has over 20 years of experience in teaching and corporate of repute with domain knowledge and expertise in initiating business expansion, handling academics, admissions, strategic planning, training and placements, handling overall operations and administration of institutes specialising in the field of management education. He has presented and published more than 20 research papers in various international conferences and journals. He is an Active Member of ISTD, IIER, UPUEA, CGER, etc. He is the Author of a book titled Research Methodology, PHI Publication with ISBN-978-81-203-4381-8. He has guided and supervised MBA and PhD from reputed institutes of India.

Prof. Dr Kuldeep Singh Kaswan is presently working in School of Computing Science and Engineering, Galgotias University, Uttar Pradesh, India. His contributions focus on BCI, Cyborg, and Data Sciences. His academic degrees and 13 years of experience working with global universities like, Amity University, Noida; Gautam Buddha University, Greater Noida; and PDM University, Bahadurgarh, has made him more receptive and prominent in his domain. He received doctorate in computer science from Banasthali Vidyapith, Rajasthan. He has obtained Master degree in Computer Science and Engineering from Choudhary Devi Lal University, Sirsa (Haryana). He has supervised many UG and PG projects of engineering students. He has supervised two PhD graduates and presently is supervising four PhD. He is also Member of Computer Science Teacher Association (CSTA), New York, USA; International Association of Engineers (IAENG), Hong Kong; International Association of Computer Science and Information Technology (IACSIT), USA; Professional Member Association of Computing Machinery, USA; and IEEE. He has number of publications in international/national journal and conferences. He is an Editor, and Review Editor of journals and books.

Dr Jasleen Kaur has a PhD in Business Management from Punjab Agricultural University, Ludhiana. Her doctorate is in ‘Performance and usage of data mining techniques for predictive modeling: A study of selected stock markets’. She was awarded Indian Council of Social Science and Research (ICSSR) full-term Centrally Administered Doctoral Fellowship. She has published five papers in international/Indian journals and in conference proceedings held at national and international levels. She is presently working as Assistant Professor in Chitkara Business School since November 2020.

Dr Reena Malik is presently working as an Assistant Professor in Chitkara Business School, Chitkara University, Punjab, India. She is PhD in Management and Qualified UGC NET. She has more than eight years of teaching experience and has two books to her credit. She is actively working in the area of marketing.

Peterson K. Ozili is an Economist, affiliated with the Central Bank of Nigeria. He works extensively in academia and policymaking. He has experience in economic policy, financial inclusion, financial stability, financial innovation, banking regulation, and supervision. His areas of specialisation are financial economics, international development, accounting, development finance, the economics of financial markets, and banking and financial reporting. He has published extensively in many accounting and finance journals such as the British Accounting Review, Journal of Applied Accounting Research, Journal of Accounting in Emerging Economies, International Journal of Managerial Finance, European Journal of Finance, Research in International Business and Finance, etc.

Teena Pareek grew up in Jaipur, a Pink city known for its Forts and Palaces. She completed her bachelor’s degree (BA Honors) in Jaipur at the Maharani’s College, Master’s of Arts at University of Rajasthan, and then continued her studies in Pune at ISB&M for Business Studies. While completing her bachelor’s degree, she studied English literature with a focus on contemporary literature along with political science in Indian constitution. She obtained a Master of Business Administration in International Business and Human Resources Management. During her PhD, She worked on ‘The effects of Training and Development on Employees’.

Dr Preety is currently working as Associate Professor, School of Computing Sciences and Engineering, Dr Akhilesh Das Gupta Institute of Technology and management, New Delhi. She has received a doctorate in computer science under the Faculty of Computer Science at Dr K. N. Modi University, Rajasthan. She received a Master’s of Computer and Applications (MCA) in Computer Science and Applications from Maharashi Dayanand University, Rohtak (Haryana) and bachelor degree from Maharashi Dayanand University (Haryana). Her area of interests includes agent technology. She has numerous publications in international/national journals and conferences.

Mustafa Ayobami Raji is currently an Associate Lecturer with the Department of Business Administration, Al-Hikmah University of Nigeria. His research areas are big data analytics, marketing analytics, and marketing management. He is a member of the Institute of Chartered Accountants of Nigeria. He has published in several journals.

Ms Priti Rani Rajvanshi has an experience of more than 10+ years in academics. She has vast experience in teaching and research in the field of information technology. She has presented and published several research papers in reputed national and international conferences and journals. Her areas of interest are image processing, big data, cloud computing, information security, and mobile computing. She has the membership of The Society of Digital Information and Wireless Communications (SDIWC), International Association of Computer Science and Information Technology (IACSIT), International Association of Engineers (IAENG), and various other professional societies.

Aradhana Rana has 11 years of experience in teaching undergraduate classes. Presently, she is working in Gobindgarh Public College, Alour, Khanna, in the Department of Commerce and Management. Her main areas of interest are finance, accountancy, and management studies; marketing management; and organisation behaviour. She has attended many conferences and presented paper in many national seminars. She has also published many national-level research papers. She also worked as Central Superintendent in Panjab University Exams.

Ms Maryam Saeed started her career in 2016 after completing MSBA equivalent to MPhil from NUML University Lahore. Till now, she has a total of three years’ practical experience in SNGPL, PC Hotel, and Kinnaird College in Lahore Pakistan, where she performed tasks relating to human resource management to administration. Presently, she is employed in the Government Department of Tourist and Services as Assistant (BS-16). She is current scholar of PhD in Islamic banking and finance.

Yakub Kayode Saheed is currently an Assistant Professor with the School of IT and Computing, American University of Nigeria. His research areas are intrusion detection, information security, big data analytics, bioinformatics, residue number system, machine learning, and artificial intelligence. He is a member of IEEE, the Internet Society, International Association of Engineers and Computer Scientists, SDWIC, and is a Certified Network Security Specialist. He has published in several local and international journals and conference proceedings.

Dr Pallavi Seth is currently serving Amity School of Insurance, Banking and Actuarial Sciences at Amity University, Noida. Prior to this, she worked with Birla Institute of Management Technology, Greater Noida, for 3.5 years. She has completed her doctorate from Mohan Lal Sukhadia University, Udaipur, Rajasthan. Having a PGDM in Insurance from BIMTECH (2006–2008), Fellow Life Management Institute, and ARA-Associate in Reinsurance from LOMA (Life Office Management Association), USA. She also holds Associateship from Insurance Institute of India, Mumbai. She is working towards achieving excellence in her research areas: insurance, financial literacy, government-sponsored health insurance, and public health. She has presented and published research papers in several national and international conferences and journals. She regularly writes for national newspapers like Financial Express, Business World Marketing, etc.

Shikha Sharma is a research scholar pursuing her PhD at Galgotias University, Greater Noida. She has done MBA (finance) and MA (economics). She has worked as Assistant Professor in Dev Bhoomi Group of Institutions.

Mr Vimal Sharma has done his postgraduate degree in Computer Science in computer science from M. D. University, Rohtak. He associated with Chitkara University since 2007. He has over 25 years of experience in the education, training, and information technology industry. He worked on different applications, projects, implementation of open-source software and integration or apps with ERP. His research area is enterprise resource planning, artificial intelligence, and innovation. His area of interest includes high-level programming language, MS office, digital marketing, and trainer for Microsoft Excel and open-source applications.

Mr Taranjeet Singh has over five years of experience in academics. He has vast experience in teaching and research in the field of computer science. He has presented and published several research papers in reputed national and international conferences and journals. His areas of interest are machine learning and image processing.

Dr Deepak Sood has completed his PhD Business Administration (Finance) from Inder Kumar Gujral – Punjab Technical University, Punjab, and did his Master’s in commerce from Panjab University, Chandigarh. He has also done his postgraduate diploma in Business Administration (Finance) from Symbiosis, Pune. He is an Associate Professor in the Finance and Accounting Area of Chitkara Business School, Chitkara University, Punjab, and currently, he is heading the vertical MBA-BFSI at Chitkara College of Sales and Marketing, Chitkara University. His research interests are in Applied Finance, Behavioural Finance, and Regulatory economics. Deepak teaches courses on financial accounting, financial management, security analysis, and portfolio management.

Dr Samridhi Tanwar is currently working as Associate Professor at Department of Management, Indira Gandhi University, Rewari, Haryana, India. Her research interests include marketing communications, foreign direct investment, and employee retention. She has published in several reputed journals, presented papers in international conferences, and contributed to book chapters.

Dr Sonal Trivedi is currently working as an Assistant Professor in Chitkara Business School, Chitkara University, Punjab, India. She has a PhD in Management (finance). She has more than 10 years of teaching experience and has two books to her credit, two book chapters, and few papers in Scopus.

Dr Shivani Vaid has contributed chapter titled ‘A step closer towards sustainable economic growth with big data analytics’ in the book. Currently working as an Assistant Professor with Chandigarh group of Colleges, Landran. She has obtained doctorate degree in commerce from IGNOU. She has authored books on fundamentals of management principles and organisational behaviour. In her teaching career, she has been fully dedicated towards research work and published multiple research papers focussing on employee work-life balance and worked as paper evaluator for undergraduate and postgraduate courses at the university level. Worked as content writer for educational online platforms like ePathshala and guided students in research projects and arranged career counselling classes for students.

Dr Jyoti Verma is an Assistant Professor at Chitkara Business School, Chitkara University, Punjab. She has obtained a doctorate degree from Punjabi University, Patiala, and has qualified UGC NET in Management. She has versatile teaching and research experience with publications in national and international journals. She has prepared and delivered many E-Content programmes on research methodology, which is comprised of video lectures, interactive script, learning objects repository, and textual content for the web learning platform of UGC-CEC (MHRD projects). She is an Associate Editor in Journal of Technology Management for Growing Economies, Chitkara University Publications.

Preface

The insurance industry has always been quite conservative; however, the adoption of new technologies is not just a modern trend but a necessity to maintain the competitive pace. This book will be a ‘must’ for people who require a good knowledge of big data concepts and their applications in the real world, particularly in relation to insurance. It will benefit people working in finance and for master’s students using big data tools. The authors present big databases: data analysis methods, learning processes, application to insurance, and position within the insurance market. Well-known authors write individual chapters in this field. Combining academic rigour and a strongly practice-oriented approach addresses both the competitive environment and the insurance business management. Furthermore, it provides a general overview of insurance undertakings and technical topics are explained in depth. Filling an important gap in the market for textbooks on the insurance business, it is divided into nine chapters with sub-topics.

The modern administration of insurance companies requires a wide variety of current knowledge and relevant background information. The primary goal and main objective of this book is to provide good knowledge of big data concepts and their applications, particularly in the field of life and non-life insurance. Big Data and Analytics for Insurers is the industry-specific guide to creating operational effectiveness, managing risk, improving financials, and retaining customers. In the advent of big data and analytics, this book fills the void with concrete information on using big data in the context of day-to-day insurance operations and strategy. This book also examines the behaviour of individuals at risk and insurance industry decision-makers involved in selling, buying, and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. This book fills a critical need in setting forth the role of modern risk analysis in managing catastrophe risk: storms, hurricanes, tornadoes, geomagnetic events, terrorism risk, earthquakes, floods, COVID-19. There is no comparable reference work for this important subject area. It strikes a good balance between the technical aspects of the subject and the practical aspects of decision-making. From fraud analytics in claims management to customer analytics, to risk analytics in solvency, the comprehensive coverage presented makes this book an invaluable resource for any insurance professional, which include practitioners and policy-makers working at insurance companies, insurance agents, brokers, insurance underwriters, underwriter manager, insurance associations, bankers, consultants, attorneys, the new insurance company hires, risk managers, financial planners, and business owners. This book is equally appropriate for advanced undergraduate and graduate students of economics, management, and finance; this text provides the background required to understand current research.

The main objectives of this book are to:

• Provide deeper insights into big data concepts and their applications, particularly in life and non-life insurance.

• Investigate big data’s specific impact on the insurance industry.

• Provide case studies, worked-out examples, and step-by-step methods for dealing concretely with specific situations.

• Focus on towards a critical need in setting the role of modern risk analysis in managing catastrophe risk.

• Highlight the remarkable impact of telematics in increasing the productivity of motor insurance and health insurance.

Foreword

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Dr. Madhu Chitkara, Pro-Chancellor, Chitkara University, Punjab and Chitkara University, Himachal Pradesh, India.

The emergence of analytics in big data and artificial intelligence has hit the tip of the iceberg for profound transformation in the insurance market. Many established insurance companies had invested heavily in the automation of insurance products. Over the period, the insurance products have been diversified to meet challenging and dynamic environments.

The edited book highlights the current aspects of the insurance market in terms of analysing big data generated from insurers’ practices and dependence and the economics of structured and unstructured data. The upcoming technologies like text analysis, emotion detection, social media extraction, text mapping and their significance in generating revenue in the insurance market is described. Also, how productivity is increased by the use of telematics in the health sector and motor insurance sector. Later in the text, the role of big data in the growth of sustainable economics with FDIs, trustworthiness and ethics are discussed. The related use cases of data science for claim processing, fraud detection and prevention, policy administration, pricing and underwriting are discussed. The cybersecurity issues, data protection, and big data regulatory reforms are presented at the end. The book is very well structured to provide an overall understanding of the current practices, trends, future technologies in the field of the insurance market.

I wish the readers a great learning ahead, and indeed this book will mark a milestone in their learning journey.