THE EFFECT OF DATA ANALYTICS ON THE INSURANCE VALUE CHAIN

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Last updated 1:38 PM on 8/23/26
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8 Terms

1
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What is data analytics

interdisciplinary field, uses techniques to process large amounts of data from various sources and provides knowledge based on the data

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What is big data

datasets that are too large to be analyzed by traditional methods of data analytics

3
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What is data driven decision making

organizations using data to make informed decisions

4
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What is predictive modeling

historical data based on behavior to anticipate future outcomes

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What ways does data science help decision making

helps automate decisions, organize large volumes of data, identifying new relationships

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What are the two approaches to data driven decisions

descriptive and predictive

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What is descriptive decision making

used when there is a specific problem

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What is predictive decision making

creates reusable method of providing information