Underwriting & Big Data
These professionals assess the likelihood and potential cost of losses; accuracy improves as insurers leverage larger volumes of data.
What are underwriters?
Instead of traditional loss adjustment, this insurance triggers a payout when a predefined parameter is met.
What is parametric insurance?
Analyzing data like settlement times and fraud investigations helps insurers examine these in-depth claims activities.
What are individual claims performance metrics?
Insurer Suncorp uses this tech alongside aerial imagery to compare pre- and post-disaster property conditions, speeding up damage assessment.
What is AI-based disaster assessment?
A technique leveraging event logs—records tagged with case identifiers, activities, and timestamps—to reconstruct, analyze, and optimize business processes. Common applications include process discovery, conformance checking, and performance enhancement
Process Mining
Risk evaluation draws from sources like IoT, telematics, smart products, regulatory data, and social media—a collective known as this.
What is big data?
Coverage that pays out instantly when a preset metric—like wind speed or drought threshold—is reached
What is a parametric policy?
Insurers boost fraud detection by using data mining to spot suspicious patterns in claims datasets.
What is data-driven fraud detection?
This trend describes how insurers are moving away from manual Excel analysis toward automated risk pricing tools.
What is insurtech automation?
The interconnected web of external partners, suppliers, and processes that collectively support an organization in delivering products or services.
Supply Chain
Modern insurers increasingly use this tech to automate underwriting tasks and reduce manual evaluation.
What is artificial intelligence (AI)?
Tech advances—such as AI, IoT, satellite imagery, and blockchain—are enhancing this type of insurance to be faster and more precise.
What is parametric insurance innovation?
Visualizing the supply chain via these helps identify points of failure and guide risk strategies.
What are flowcharts?
This ERM component ensures that the organization's ERM approach aligns with its strategic objectives.
What is alignment?
A holistic framework for identifying and managing all types of an organization’s risk—hazard, financial, operational, and strategic—to optimize value and align with business objectives.
Enterprise Risk Management (ERM)
Insurers apply these tools—like AI, data mining, and predictive modeling—to sharpen how they choose risks.
What are emerging risk selection technologies?
ERM’s benefits for businesses include better strategic decisions, awareness of threats and opportunities, and enhanced organizational communication.
What are strategic clarity and value maximization?
roducers differentiate themselves by helping clients manage variables related to regulation, competition, and this broader chain.
What is adding value in risk analysis?
This metric evaluates the average time it takes to settle a claim.
What is average time to settlement?
The systematic analysis of vast data collections to uncover patterns, relationships, and actionable business insights
Data Mining
This aspect of ERM involves senior management leading the way in integrating ERM and establishing accountability.
What is leadership & accountability?
ERM frameworks depend on senior leadership, alignment with objectives, resource allocation, and this across the organization.
What is communication and accountability?
This activity involves evaluating how different types of claims are investigated, managed, and concluded.
What is claims process analysis?
This term refers to the recovery of funds from a third party responsible for a loss.
What is subrogation?
Extremely large or complex datasets—often too vast for traditional processing tools—which require advanced analytics to extract insight. Big data is commonly characterized by its volume, variety, velocity, and veracity (data quality)
Big Data