Sharp Daily
No Result
View All Result
Thursday, October 16, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

How Big Data is transforming the insurance industry

Christine Akinyi by Christine Akinyi
January 18, 2024
in Investments
Reading Time: 2 mins read

Big data is reshaping the landscape of insurance in the dynamic realm of the financial services industry. The ongoing shift towards digitization holds significant sway in brand considerations, as consumers, having embraced technology in their daily lives, now insist on seamless, swift, and relevant digital interactions with the brands that serve them.

In this era of instant gratification, providers of insurance and financial services find themselves under escalating pressure to furnish rapid, responsive, and efficient digital platforms tailored to the evolving needs of consumers.

Technologies such as data analytics and machine learning have emerged as indispensable tools in augmenting effectiveness and responsiveness to client demands.

Notably, data analytics provides an effective and economical means of collecting and utilizing consumer data within a controlled environment. This valuable information, encompassing preferred communication channels, income levels, age, and geographical positioning, facilitates the creation of personalized products and solutions.

RELATEDPOSTS

No Content Available

Clients can engage in immediate online price comparisons and make informed decisions aligned with their desired premiums, all thanks to algorithms crafted by insurers.

The application of telematics represents a paradigm shift in utilizing data within insurance firms. Wearable devices tracking physical activity, blood pressure, and heart rate contribute to assessing a client’s risk level, guiding the pricing of health insurance.

In motor insurance, telematics monitors driving habits and mileage, enabling insurers to predict risk and offer customized premiums based on safety rankings.

Technological integration is evident in the client onboarding process, exemplified by CIC’s adoption of digital submissions for micro-insurance solutions such as CoopCare medical products. This not only reduces delays but also enhances accessibility for clients.

Moreover, technology is harnessed to report and capture accident scene details in real time, streamlining claim processing for operational efficiency. Data analytics plays a crucial role in automating fraud detection, saving time for insurers and securing client data against cybercrime.

The advantages of data analysis in the insurance industry are multifaceted, offering a plethora of solutions and opportunities. From risk calculation to product pricing, the utilization of data presents staggering possibilities. For brands aspiring to expand their businesses, data emerges as the pathway to achieving that objective.

Globally, financial service providers leverage technological integration to compute risk and price products, a trend likely to be embraced by developing markets.As consumer demands drive continuous product development, a robust research and development function becomes a critical element of organizational growth.

Investing in talent, products, and platforms that are market-relevant and future-centric underscores the commitment to staying ahead in the dynamic landscape shaped by the transformative power of big data.

 

Previous Post

Impact on transaction charges in Kenya’s mobile money sector

Next Post

DP Gachagua abandons petition against judge Esther Maina

Christine Akinyi

Christine Akinyi

Related Posts

Investments

The Challenge of Preserving Retirement Savings in Kenya

October 16, 2025
Investments

EABL to redeem KES 11.0 billion medium-term notes ahead of schedule

October 14, 2025
Investments

Kenya’s 2028 Eurobond Buyback marks a turning point in debt management

October 14, 2025
Investments

Kenya shifts to bond financing for SGR and JKIA expansion

October 13, 2025
Investments

Kenya Pipeline IPO deadline extended to 2026 and what it means for the Privatization Agenda

October 9, 2025
Analysis

Valuation multiples

October 9, 2025

LATEST STORIES

The Challenge of Preserving Retirement Savings in Kenya

October 16, 2025

Understanding Segregated vs Guaranteed Pension Schemes

October 16, 2025

The Sanlam-Jubilee deal

October 16, 2025

Kenya’s industrial real estate awakening

October 16, 2025

Stanbic Kenya in advanced talks to acquire NCBA: A game-changer in Kenya’s banking sector

October 16, 2025

CBK flags surge in financial fraud as losses triple to KES 1.6 billion

October 15, 2025

StanChart Kenya retirees face fresh legal stalemate over KES 7.0 billion pension payout

October 15, 2025

U.S. bank earnings take center stage amid government data freeze

October 15, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024