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Upsize – Big Data
For Insurance
Company
Murphy Choy
All graphics are copyrighted to the relevant owners. I do not
own any of the graphics.
What do we think about actuarial
practitioners in insurance company?
Very unfortunately, this is what a layperson will think…
What do actuarial practitioners in
insurance company really do?
See the difference?
What is big data?
Basically, lots and lots of data…
Do Actuaries deal with big data?
Kinda of…
What is the next big data for
insurance companies?
Social Media…
Case Study 1: Assessing the risk of
the applicant.
Can we do better than a check up?
Checking the facebook
Assessing their health…in real time…
Checking the facebook
Pre filtering people with serious issues…
Big Data and Social Media
• The rise of social media has increased the
propensity for people to actually post their activities
online.
• This allows insurance companies to have an
additional source of information to work on.
• This is crucial for determining the risk in real time
which is not possible in the past.
• Let us look at several case study where big data
can be very useful to General Insurance
practitioners.
Case Study 2: Disaster Damage
Assessment
Sendai Earthquake
Hurricane Haiyan
Hurricane Sandy
Approach
• Identification of areas affected
• Through photographic and social media
information to identify places heavily damaged.
• Use social sentiment to track where people are
severely affected by the disasters.
• Many research papers have demonstrated how
social media can be useful in the midst of disasters.
How do we start to be in
the big data business?
Right People
Right Technology
Right Data
Right Leadership
Right Problem

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General Insurance Conference 2014: Big Data for Insurance Companies

  • 1. Upsize – Big Data For Insurance Company Murphy Choy All graphics are copyrighted to the relevant owners. I do not own any of the graphics.
  • 2. What do we think about actuarial practitioners in insurance company? Very unfortunately, this is what a layperson will think…
  • 3. What do actuarial practitioners in insurance company really do? See the difference?
  • 4. What is big data? Basically, lots and lots of data…
  • 5. Do Actuaries deal with big data? Kinda of…
  • 6. What is the next big data for insurance companies? Social Media…
  • 7. Case Study 1: Assessing the risk of the applicant. Can we do better than a check up?
  • 8. Checking the facebook Assessing their health…in real time…
  • 9. Checking the facebook Pre filtering people with serious issues…
  • 10. Big Data and Social Media • The rise of social media has increased the propensity for people to actually post their activities online. • This allows insurance companies to have an additional source of information to work on. • This is crucial for determining the risk in real time which is not possible in the past. • Let us look at several case study where big data can be very useful to General Insurance practitioners.
  • 11. Case Study 2: Disaster Damage Assessment
  • 15. Approach • Identification of areas affected • Through photographic and social media information to identify places heavily damaged. • Use social sentiment to track where people are severely affected by the disasters. • Many research papers have demonstrated how social media can be useful in the midst of disasters.
  • 16. How do we start to be in the big data business?

Editor's Notes

  1. What is Big Data and Business Analytics to begin with? What are the benefits that are foretold and promised to organisations? How are all of these applicable to general insurance? In this presentation we aim to disambiguate the marketing hype from the practically of Big Data Business Analytics and illustrate how these can be applied in the general insurance context. Furthermore, we explore a number of key ingredients and considerations required for the successful adoption of business analytics within an organisation.