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Book part
Publication date: 18 July 2022

Manju Dahiya, Shikha Sharma and Simon Grima

Introduction: Big data in the insurance industry can be defined as structured or unstructured data that can affect the rating, marketing, pricing, or underwriting. The five Vs of…

Abstract

Introduction: Big data in the insurance industry can be defined as structured or unstructured data that can affect the rating, marketing, pricing, or underwriting. The five Vs of big data provide insurers with a valuable framework for converting their raw data into actionable information. These five Vs are specifically: (1) Volume: The need to look at the type of data and the internal systems; (2) Velocity: The speed at which big data is generated, collected, and refreshed; (3) Variety: Refers to both the structured and unstructured data; (4) Veracity: Refers to trustworthiness and confidence in data; and (5) Value: Refers to whether the data collected are good or bad.

Purpose: Insurance companies face many data challenges. However, the administration of big data has allowed insurers to acknowledge the demand of their customers and develop more personalised products. In addition, it can be used to make correct decisions about insurance operations such as risk selection and pricing.

Methodology: We do this by conducting a systematic literature review on big data. Our emphasis is on gathering information on the five Vs of the big data and the insurance market. Specifically, how big data can help in data-driven decisions.

Findings: Big data technology has created an endless series of opportunities, which have ensured a surge in its usage. It has helped businesses make the process more systematic, cost-effective, and helped in the reduction in fraud and risk prediction.

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Big Data Analytics in the Insurance Market
Type: Book
ISBN: 978-1-80262-638-4

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Book part
Publication date: 18 July 2022

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Big Data Analytics in the Insurance Market
Type: Book
ISBN: 978-1-80262-638-4

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Gender Equity in the Boardroom: The Case of India
Type: Book
ISBN: 978-1-83982-764-8

Book part
Publication date: 7 November 2022

Brighton Nyagadza, Farai Chigora, Rumbidzai Pashapa, Tinashe Chuchu, Wadzanai Maeeresa and Chipo Katsande

The purpose of this chapter is to explore the effects of COVID-19 pandemic on tourism and hospitality. Motivation of the researchers in constructing the chapter was to logically…

Abstract

The purpose of this chapter is to explore the effects of COVID-19 pandemic on tourism and hospitality. Motivation of the researchers in constructing the chapter was to logically alert the present-day and future world tourism and hospitality business leaders on how to respond to the disruptive forces attributed to deadly viral pandemics like that of COVID-19 pandemic. The purpose being to draw conclusions and identifying the research gaps. It is based on a structural analysis methodology to frame the categories of the major analysis in combination with scientific rigour to a broad and complex problem. Research results proved that the primary effects of COVID-19 pandemic on tourism and hospitality industry include technology disruption, globalisation problems and logistical inefficiencies. Implications to contemporary tourism and hospitality industry business leaders include bringing-in technologies, incubating survival plans of actions. The study results underscore the necessity of understanding effects of COVID-19 pandemic on tourism and hospitality so as to craft both proactive and reactive strategic stances. The research contributes to literature and theoretical novel introspections into the depth and breadth of how various tourism and hospitality industry metamorphoses can lead to navigation and survival in such COVID-19 pandemic environments.

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The Emerald Handbook of Destination Recovery in Tourism and Hospitality
Type: Book
ISBN: 978-1-80262-073-3

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Book part
Publication date: 21 January 2022

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Industry 4.0 and Global Businesses
Type: Book
ISBN: 978-1-80117-326-1

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