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Banking & Finance

Big Data to drive future of insurance industry

Released at: 08:15, 22/12/2018

Big Data to drive future of insurance industry

Photo: Khanh Chi (VET)

Prudential holds Vietnam Actuarial Conference 2018 in HCMC.

by Hung Cao

How Big Data will create opportunities and challenges for the insurance industry was the main topic of discussion at the Vietnam Actuarial Conference (VAC) 2018 hosted by Prudential Vietnam in Ho Chi Minh City recently.

International experts presented new perspectives on various Big Data topics, including data collection and analysis, data science in finance and insurance, and potential Big Data applications to meet the growing demand for healthcare and health protection in Asia and Vietnam.

The conference was particularly meaningful to actuaries as it acknowledged not only Big Data’s challenges but also the opportunities for actuarial analysts to “transform” themselves to be well-prepared for the digital age. Data science was also discussed as a new focus for actuarial career development.

Combining actuarial and data science skills, actuaries can perform statistical computations and analyze data not only by cohort but also by individual policy. Actuarial analysts who are comprehensively knowledgeable about insurance companies’ business will find more opportunities for Big Data applications to optimize business through product development, underwriting, claims processing, and customer experience.

For insurance companies, the conference also raised the opportunity to develop new products to serve the increasing demand for healthcare and health protection in Asia and Vietnam. When a person’s health data is integrated and accurately calculated, financial protection solutions can then be designed accordingly, with special offers for each individual.

Big Data helps insurance companies approach and understand customers more easily and provides solutions to help clients actively prevent risks and balance their lives. The data source is infinite, but the big challenge is how to structure and organize it into useful information.

“Prudential is always ready to take the lead and pioneer the application of technology in business, providing effective products and services and a better experience for customers,” said Mr. Clive Darren Baker, CEO of Prudential. “Applying innovations has helped us to proactively connect with our customers, improve service quality, and give customers greater control over insurance. Exploiting the potential as well as resolving the challenges brought by Big Data is within that direction.”

“We identify Big Data as an opportunity to better understand and listen to our customers, thereby providing the best possible financial protection and health protection solutions to ensure our customers receive more appropriate, better designed products with the most economic fee, while still ensuring good performance and financial security for the company.”

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