BUILDING STRATEGIC INTELLIGENCE IN INSURANCE BIZ THROUGH BIG DATA ANALYTICS

BIG DATA & ANALYTICS:

WHAT IS IT AND HOW DOES IT MATTER?

Head of DepartmentDept. of Computer EngineeringFaculty of EngineeringChulalongkorn University

natawut.n@chula.ac.th@natawutnhttp://natawutn.wordpress.comhttp://www.slideshare.net/natawutnupairoj

Asst. Prof. Natawut Nupairoj, Ph.D.

Something that cannot be processed

within reasonable time using 2-3

servers

DATA CHARACTERISTICS

Source: IBM

Internal External

Structured Unstructured

IOT: THE RISE OF DEVICES

Wearable devices’ shipment will be doubled in 4 years

20% will be healthcare related devices

IOS HEALTH

INTRODUCING FDA-APPROVED INGESTIBLE SENSORS IN PILLS

http://www.forbes.com/sites/singularity/2012/08/09/no-more-skipping-your-medicine-fda-approves-first-digital-pill/

Source: https://iot-analytics.com/10-internet-of-things-applications/

WHAT CAN WE COLLECT FROM THESE SENSORS?

Customers’ Information

• Preferences, Activities & Habits, Hobbies, Important Events, Health, Friends

Drivers’ Information

• Driving Behaviors, Time on the Road, Frequent Visiting Places, Car Information

Homes’ Information

• Usages Information, Security Status, Owners’ Behaviors

But, we are talking about MASSIVE AMOUNT OF DATA

Data Science

(Data Analytics)

Data Engineering

(Big Data)

DATA VALUE CHAIN

Source: http://steinvox.com/blog/big-data-and-analytics-the-analytics-value-chain/

DATA ANALYTICS SIMPLIFIED

Descriptive• “A.Natawut drinks about 1 cup of coffee a

day”

Diagnostic• “Number of cups that A.Natawut drinks

depend on number of meetings he has each day”

Predictive• “Tomorrow, A.Natawut has 2 meetings, it is

very likely that A.Natawut will drink 2 cups tomorrow”

Prescriptive• “Inform secretary to prepare 1 cup in the

morning and one in the afternoon for A.Natawut”

TYPES OF DATA ANALYTICS

CASE STUDY: PREDICTIVE POLICING

Being used by 60 cities in the US e.g. Atlanta, LA, etc.

Source: http://www.forbes.com/sites/ellenhuet/2015/02/11/predpol-predictive-policing

Source: http://www.towerswatson.com/en/Insights/Newsletters/Global/Emphasis/2014/the-internet-of-things-is-transforming-the-insurance-industry

Source: Capgemini, “The Disruptive Impact of Big Data and Analytics in Insurance”, June 2015

BIG DATA ANALYTICS AND CLAIM FRAUD ANALYSIS

SURVEY: FUNCTIONS IN WHICH INSURERS APPLY DATA ANALYTICS?

Digital Data Driven Organization

CS PROGRAMArchitecture Track

• Map/Reduced

• In-Memory Processing

• Cloud Computing

• Mobile and Networks

Analytics Track

• Machine Learning

• Data Mining

• Big Data Analytics

• Social Network Analysis