USING BIG DATA IN INSURANCE: RISK ASSESSMENT, OPTIMIZATION OF INSURANCE PRODUCTS, AND ENSURING SAFETY
Abstract
In the modern world of insurance, Big Data is becoming increasingly important, as it is becoming an important tool for risk assessment and optimization of insurance products. The use of Big Data allows insurance companies to collect, analyze and interpret huge amounts of information from various sources, such as social networks, transaction data, consumer behavior data and many others. This opens up new opportunities for more accurate risk assessment, which, in turn, contributes to making more informed decisions in the insurance process. The article focuses on the importance of Big Data in insurance, analyzing risks and optimizing insurance products, in particular in the areas of life insurance, health and automobile insurance. It is concluded that their use in the context of global digitalization is necessary and effective for the development of the insurance sector. One of the key aspects of the use of Big Data is the ability to create more accurate risk models. Insurance companies can analyze historical data on insured events to identify patterns and trends that help predict the likelihood of certain risks occurring in the future. This not only reduces financial losses, but also increases customer satisfaction through more personalized offers. Optimization of insurance products is another important aspect. Thanks to the analysis of big data, companies can better understand the needs of their customers and adapt their products to changing market conditions. This may include developing new insurance policies that meet the specific needs of certain consumer groups, or improving existing products to increase their competitiveness. In addition, the use of big data can significantly increase the level of security in insurance. Data analysis allows you to detect fraudulent schemes and anomalies in customer behavior, which helps prevent financial losses. Therefore, the implementation of big data technologies in insurance opens up new horizons for risk management, improving customer service, and ensuring business sustainability in a rapidly changing market.
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