scholarly journals Big Data and Actuarial Science

2020 ◽  
Vol 4 (4) ◽  
pp. 40
Author(s):  
Hossein Hassani ◽  
Stephan Unger ◽  
Christina Beneki
Keyword(s):  
Data Mining ◽  
Big Data ◽  
Cyber Security ◽  
Data Analytics ◽  
Data Availability ◽  
Machine Learning Techniques ◽  
Insurance Companies ◽  
Security Risk ◽  
Insurance Policy ◽  
The Impact

This article investigates the impact of big data on the actuarial sector. The growing fields of applications of data analytics and data mining raise the ability for insurance companies to conduct more accurate policy pricing by incorporating a broader variety of data due to increased data availability. The analyzed areas of this paper span from automobile insurance policy pricing, mortality and healthcare modeling to estimation of harvest-, climate- and cyber risk as well as assessment of catastrophe risk such as storms, hurricanes, tornadoes, geomagnetic events, earthquakes, floods, and fires. We evaluate the current use of big data in these contexts and how the utilization of data analytics and data mining contribute to the prediction capabilities and accuracy of policy premium pricing of insurance companies. We find a high penetration of insurance policy pricing in almost all actuarial fields except in the modeling and pricing of cyber security risk due to lack of data in this area and prevailing data asymmetries, for which we identify the application of artificial intelligence, in particular machine learning techniques, as a possible solution to improve policy pricing accuracy and results.

Big Data Analysis for Trend Recognition Using Machine Learning Techniques

2020 ◽  
Vol 10 (4) ◽  
pp. 540-550
Author(s):  
Cerene Mariam Abraham ◽  
Mannathazhathu Sudheep Elayidom ◽  
Thankappan Santhanakrishnan
Keyword(s):  
Machine Learning ◽  
Data Mining ◽  
Big Data ◽  
Data Analysis ◽  
Data Analytics ◽  
Research Work ◽  
Big Data Analytics ◽  
Big Data Analysis ◽  
Machine Learning Techniques ◽  
Derivative Market

Background: Machine learning is one of the most popular research areas today. It relates closely to the field of data mining, which extracts information and trends from large datasets. Aims: The objective of this paper is to (a) illustrate big data analytics for the Indian derivative market and (b) identify trends in the data. Methods: Based on input from experts in the equity domain, the data are verified statistically using data mining techniques. Specifically, ten years of daily derivative data is used for training and testing purposes. The methods that are adopted for this research work include model generation using ARIMA, Hadoop framework which comprises mapping and reducing for big data analysis. Results: The results of this work are the observation of a trend that indicates the rise and fall of price in derivatives , generation of time-series similarity graph and plotting of frequency of temporal data. Conclusion: Big data analytics is an underexplored topic in the Indian derivative market and the results from this paper can be used by investors to earn both short-term and long-term benefits.

Mine the Gap: Augmenting Foresight Methodologies with Data Analytics

2020 ◽  
Vol 12 (2) ◽  
pp. 239-248 ◽  
Author(s):  
Anne Boysen
Keyword(s):  
Machine Learning ◽  
Data Mining ◽  
Big Data ◽  
Knowledge Base ◽  
Data Analytics ◽  
Cognitive Biases ◽  
Machine Learning Techniques ◽  
Learning Techniques

The explosion of Big Data and analytic tools in recent years has brought new opportunities to the field of foresight. Big Data and improved analytics capabilities can expand the knowledge base and act as a corrective to our cognitive biases. Moreover, several data mining and machine learning techniques that increase performance for businesses can be applied in foresight to help researchers discover patterns that may be early signals of change and correct our misperception of patterns where they don’t exist. This article discusses the opportunities and limitations of various data mining and machine learning techniques in foresight.

Trends and Opportunities in Health Analytics as a Service and Implications for Use in Low Resource Settings: A Literature Review Abstract (Preprint)

2019 ◽  
Author(s):  
Meghana Bastwadkar ◽  
Carolyn McGregor ◽  
S Balaji
Keyword(s):  
Data Mining ◽  
Cloud Computing ◽  
Big Data ◽  
Intensive Care ◽  
Literature Review ◽  
Health Monitoring ◽  
Data Analytics ◽  
Neonatal Intensive Care ◽  
Big Data Analytics ◽  
Healthcare Facilities

BACKGROUND This paper presents a systematic literature review of existing remote health monitoring systems with special reference to neonatal intensive care (NICU). Articles on NICU clinical decision support systems (CDSSs) which used cloud computing and big data analytics were surveyed. OBJECTIVE The aim of this study is to review technologies used to provide NICU CDSS. The literature review highlights the gaps within frameworks providing HAaaS paradigm for big data analytics METHODS Literature searches were performed in Google Scholar, IEEE Digital Library, JMIR Medical Informatics, JMIR Human Factors and JMIR mHealth and only English articles published on and after 2015 were included. The overall search strategy was to retrieve articles that included terms that were related to “health analytics” and “as a service” or “internet of things” / ”IoT” and “neonatal intensive care unit” / ”NICU”. Title and abstracts were reviewed to assess relevance. RESULTS In total, 17 full papers met all criteria and were selected for full review. Results showed that in most cases bedside medical devices like pulse oximeters have been used as the sensor device. Results revealed a great diversity in data acquisition techniques used however in most cases the same physiological data (heart rate, respiratory rate, blood pressure, blood oxygen saturation) was acquired. Results obtained have shown that in most cases data analytics involved data mining classification techniques, fuzzy logic-NICU decision support systems (DSS) etc where as big data analytics involving Artemis cloud data analysis have used CRISP-TDM and STDM temporal data mining technique to support clinical research studies. In most scenarios both real-time and retrospective analytics have been performed. Results reveal that most of the research study has been performed within small and medium sized urban hospitals so there is wide scope for research within rural and remote hospitals with NICU set ups. Results have shown creating a HAaaS approach where data acquisition and data analytics are not tightly coupled remains an open research area. Reviewed articles have described architecture and base technologies for neonatal health monitoring with an IoT approach. CONCLUSIONS The current work supports implementation of the expanded Artemis cloud as a commercial offering to healthcare facilities in Canada and worldwide to provide cloud computing services to critical care. However, no work till date has been completed for low resource setting environment within healthcare facilities in India which results in scope for research. It is observed that all the big data analytics frameworks which have been reviewed in this study have tight coupling of components within the framework, so there is a need for a framework with functional decoupling of components.

scholarly journals Big Data Analytics for Search Engine Optimization

2020 ◽  
Vol 4 (2) ◽  
pp. 5 ◽  
Author(s):  
Ioannis C. Drivas ◽  
Damianos P. Sakas ◽  
Georgios A. Giannakopoulos ◽  
Daphne Kyriaki-Manessi
Keyword(s):  
Big Data ◽  
Cultural Heritage ◽  
Search Engine ◽  
Data Analytics ◽  
User Behavior ◽  
Big Data Analytics ◽  
Data Types ◽  
Search Engine Optimization ◽  
The Impact ◽  
The Web

In the Big Data era, search engine optimization deals with the encapsulation of datasets that are related to website performance in terms of architecture, content curation, and user behavior, with the purpose to convert them into actionable insights and improve visibility and findability on the Web. In this respect, big data analytics expands the opportunities for developing new methodological frameworks that are composed of valid, reliable, and consistent analytics that are practically useful to develop well-informed strategies for organic traffic optimization. In this paper, a novel methodology is implemented in order to increase organic search engine visits based on the impact of multiple SEO factors. In order to achieve this purpose, the authors examined 171 cultural heritage websites and their retrieved data analytics about their performance and user experience inside them. Massive amounts of Web-based collections are included and presented by cultural heritage organizations through their websites. Subsequently, users interact with these collections, producing behavioral analytics in a variety of different data types that come from multiple devices, with high velocity, in large volumes. Nevertheless, prior research efforts indicate that these massive cultural collections are difficult to browse while expressing low visibility and findability in the semantic Web era. Against this backdrop, this paper proposes the computational development of a search engine optimization (SEO) strategy that utilizes the generated big cultural data analytics and improves the visibility of cultural heritage websites. One step further, the statistical results of the study are integrated into a predictive model that is composed of two stages. First, a fuzzy cognitive mapping process is generated as an aggregated macro-level descriptive model. Secondly, a micro-level data-driven agent-based model follows up. The purpose of the model is to predict the most effective combinations of factors that achieve enhanced visibility and organic traffic on cultural heritage organizations’ websites. To this end, the study contributes to the knowledge expansion of researchers and practitioners in the big cultural analytics sector with the purpose to implement potential strategies for greater visibility and findability of cultural collections on the Web.

scholarly journals Cyber operational risk scenarios for insurance companies

2019 ◽  
Vol 24 ◽  
Author(s):  
R. Egan ◽  
S. Cartagena ◽  
R. Mohamed ◽  
V. Gosrani ◽  
J. Grewal ◽  
...  
Keyword(s):  
Cyber Security ◽  
Operational Risk ◽  
Social Engineering ◽  
Insurance Companies ◽  
List Type ◽  
Operational Risks ◽  
Life Insurer ◽  
Cyber Risk ◽  
The Impact ◽  
Over Time

AbstractCyber Operational Risk: Cyber risk is routinely cited as one of the most important sources of operational risks facing organisations today, in various publications and surveys. Further, in recent years, cyber risk has entered the public conscience through highly publicised events involving affected UK organisations such as TalkTalk, Morrisons and the NHS. Regulators and legislators are increasing their focus on this topic, with General Data Protection Regulation (“GDPR”) a notable example of this. Risk actuaries and other risk management professionals at insurance companies therefore need to have a robust assessment of the potential losses stemming from cyber risk that their organisations may face. They should be able to do this as part of an overall risk management framework and be able to demonstrate this to stakeholders such as regulators and shareholders. Given that cyber risks are still very much new territory for insurers and there is no commonly accepted practice, this paper describes a proposed framework in which to perform such an assessment. As part of this, we leverage two existing frameworks – the Chief Risk Officer (“CRO”) Forum cyber incident taxonomy, and the National Institute of Standards and Technology (“NIST”) framework – to describe the taxonomy of a cyber incident, and the relevant cyber security and risk mitigation items for the incident in question, respectively.Summary of Results: Three detailed scenarios have been investigated by the working party:∙Employee leaks data at a general (non-life) insurer: Internal attack through social engineering, causing large compensation costs and regulatory fines, driving a 1 in 200 loss of £210.5m (c. 2% of annual revenue).∙Cyber extortion at a life insurer: External attack through social engineering, causing large business interruption and reputational damage, driving a 1 in 200 loss of £179.5m (c. 6% of annual revenue).∙Motor insurer telematics device hack: External attack through software vulnerabilities, causing large remediation / device replacement costs, driving a 1 in 200 loss of £70.0m (c. 18% of annual revenue).Limitations: The following sets out key limitations of the work set out in this paper:∙While the presented scenarios are deemed material at this point in time, the threat landscape moves fast and could render specific narratives and calibrations obsolete within a short-time frame.∙There is a lack of historical data to base certain scenarios on and therefore a high level of subjectivity is used to calibrate them.∙No attempt has been made to make an allowance for seasonality of renewals (a cyber event coinciding with peak renewal season could exacerbate cost impacts)∙No consideration has been given to the impact of the event on the share price of the company.∙Correlation with other risk types has not been explicitly considered.Conclusions: Cyber risk is a very real threat and should not be ignored or treated lightly in operational risk frameworks, as it has the potential to threaten the ongoing viability of an organisation. Risk managers and capital actuaries should be aware of the various sources of cyber risk and the potential impacts to ensure that the business is sufficiently prepared for such an event. When it comes to quantifying the impact of cyber risk on the operations of an insurer there are significant challenges. Not least that the threat landscape is ever changing and there is a lack of historical experience to base assumptions off. Given this uncertainty, this paper sets out a framework upon which readers can bring consistency to the way scenarios are developed over time. It provides a common taxonomy to ensure that key aspects of cyber risk are considered and sets out examples of how to implement the framework. It is critical that insurers endeavour to understand cyber risk better and look to refine assumptions over time as new information is received. In addition to ensuring that sufficient capital is being held for key operational risks, the investment in understanding cyber risk now will help to educate senior management and could have benefits through influencing internal cyber security capabilities.

Analysis of Big Data Analytics in Healthcare Sector: Applications and Tools

2020 ◽  
Vol 17 (12) ◽  
pp. 5605-5612
Author(s):  
A. Kaliappan ◽  
D. Chitra
Keyword(s):  
Big Data ◽  
Data Analytics ◽  
Health Sector ◽  
Big Data Analytics ◽  
High Volume ◽  
Healthcare Sector ◽  
Genome Database ◽  
Tremendous Amount ◽  
The Impact ◽  
Different Sources

In today’s world, an immense measure of information in the form of unstructured, semi-structured and unstructured is generated by different sources all over the world in a tremendous amount. Big data is the termed coined to address these enormous amounts of data. One of the major challenges in the health sector is handling a high-volume variety of data generated from diverse sources and utilizing it for the wellbeing of human. Big data analytics is one of technique designed to operate with monstrous measures of information. The impact of big data in healthcare field and utilization of Hadoop system tools for supervising the big data are deliberated in this paper. The big data analytics role and its theoretical and conceptual architecture include the gathering of diverse information’s such as electronic health records, genome database and clinical decisions support systems, text representation in health care industry is investigated in this paper.

An experimental investigation of the impact of using big data analytics on customers’ performance measurement

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marwa Rabe Mohamed Elkmash ◽  
Magdy Gamal Abdel-Kader ◽  
Bassant Badr El Din
Keyword(s):  
Big Data ◽  
Performance Measurement ◽  
Data Analytics ◽  
Positive Impact ◽  
Big Data Analytics ◽  
Unstructured Data ◽  
Future Research ◽  
Web Based ◽  
Content Type ◽  
The Impact

Purpose This study aims to investigate and explore the impact of big data analytics (BDA) as a mechanism that could develop the ability to measure customers’ performance. To accomplish the research aim, the theoretical discussion was developed through the combination of the diffusion of innovation theory with the technology acceptance model (TAM) that is less developed for the research field of this study. Design/methodology/approach Empirical data was obtained using Web-based quasi-experiments with 104 Egyptian accounting professionals. Further, the Wilcoxon signed-rank test and the chi-square goodness-of-fit test were used to analyze data. Findings The empirical results indicate that measuring customers’ performance based on BDA increase the organizations’ ability to analyze the customers’ unstructured data, decrease the cost of customers’ unstructured data analysis, increase the ability to handle the customers’ problems quickly, minimize the time spent to analyze the customers’ data and obtaining the customers’ performance reports and control managers’ bias when they measure customer satisfaction. The study findings supported the accounting professionals’ acceptance of BDA through the TAM elements: the intention to use (R), perceived usefulness (U) and the perceived ease of use (E). Research limitations/implications This study has several limitations that could be addressed in future research. First, this study focuses on customers’ performance measurement (CPM) only and ignores other performance measurements such as employees’ performance measurement and financial performance measurement. Future research can examine these areas. Second, this study conducts a Web-based experiment with Master of Business Administration students as a study’s participants, researchers could conduct a laboratory experiment and report if there are differences. Third, owing to the novelty of the topic, there was a lack of theoretical evidence in developing the study’s hypotheses. Practical implications This study succeeds to provide the much-needed empirical evidence for BDA positive impact in improving CPM efficiency through the proposed framework (i.e. CPM and BDA framework). Furthermore, this study contributes to the improvement of the performance measurement process, thus, the decision-making process with meaningful and proper insights through the capability of collecting and analyzing the customers’ unstructured data. On a practical level, the company could eventually use this study’s results and the new insights to make better decisions and develop its policies. Originality/value This study holds significance as it provides the much-needed empirical evidence for BDA positive impact in improving CPM efficiency. The study findings will contribute to the enhancement of the performance measurement process through the ability of gathering and analyzing the customers’ unstructured data.

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