Fujitsu UK ’ s Coughlan dives into big data ’ s redefining role in risk assessment
Fujitsu UK ’ s Coughlan dives into big data ’ s redefining role in risk assessment
Fujitsu UK ’ s Coughlan looks at the ways big data is revolutionising risk assessment processes at insurers , as well as redefining the underwriting process .
“ One of the transformative impacts of big data is its role in redefining underwriting and risk assessment . As insurtechs embrace big data , they pave the way for the most advanced technologies such as AI , machine learning , graph databases , and data analytics .
“ These tools empower them to analyse vast data sets from a variety of sources , yielding powerful insights by identifying patterns , detecting anomalies , and streamlining processes .
“ With this advanced risk awareness , insurers are then able to devise effective countermeasures to both internal and external risks , while simultaneously enhancing their regulatory and compliance processes .
“ Moreover , they ’ re deploying data analytics to automate claims evaluation and detect fraud , thereby expediting the settlement process . This delivers not only faster , more accurate outcomes for policyholders but also a seamless customer experience .”
ability to learn from this data without being explicitly programmed , and AI is the broader concept where machines execute tasks in a way we consider smart .”
The result is a palpable synergy , “ making it quicker and easier for customers to ensure their new home or car is fully and fairly insured ,” says Patel . According to Coughlan , the relationship can also be leveraged to “ bolster risk assessment , unearth fraudulent activities , streamline underwriting processes … and provide the most personalised and accurate offerings that suit the true needs of the customer .”