Sharp Daily
No Result
View All Result
Sunday, July 13, 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

Analysis

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025
Analysis

Lessons from the Kuramo-TransCentury fallout

July 3, 2025
Analysis

Kenya’s CIS market: Q1′ 2025 shows a surge, setting the stage for future expansion.

June 26, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
Analysis

Your First Investment should be an emergency fund with Cytonn Money Market Fund

June 16, 2025
Investments

Contrarian investing in Kenya.

June 13, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 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