(Press-News.org)
In 2022, the insurance industry made a whopping USD 6 trillion globally—more than the entire economy of big countries like Japan and Germany. A new study, published in The Journal of Finance and Data Science, looked at how technology, especially big data, is shaking things up in insurance. Big data means using a lot of information to make better decisions.
The study found that by using big data, insurance companies can understand risks better, offer fair prices and keep customers happier.
“What's surprising is how fast insurance companies are jumping on the big data bandwagon,” says first author of the study, Nejla Ellili. “They're investing a lot of money in it—around $3.6 billion by 2021! And guess what? It's paying off! Big data helps them save money, offer better insurance deals, and catch more fraud. But it's not all sunshine; there are some problems too.”
The study found that these is a need to be careful about privacy and ethics when using all this data. The findings also revealed that while much is known about how big data is helping insurance right now, there's still a lot to be elucidated in terms of the long-term effects.
“This means researchers and people in charge of insurance rules need to keep studying to make sure big data is used the right way,” adds Ellili. “Our findings give us a roadmap, like a guide, for future research, telling us what we should look at next.”
###
Contact the author: Professor Haitham Nobanee
College of Business, Abu Dhabi University, Abu Dhabi 59911, United Arab Emirates
Oxford Centre for Islamic Studies, University of Oxford, Marston Rd, Headington, Oxford OX3 0EE, UK
The University of Liverpool Management School, The University of Liverpool, Liverpool, Lancashire, United Kingdom
Emails: (haitham.nobanee@liverpool.ac.uk; haitham.nobanee@adu.ac.ae; haitham.nobanee@oxcis.ac.uk; nobanee@gmail.com ).
The publisher KeAi was established by Elsevier and China Science Publishing & Media Ltd to unfold quality research globally. In 2013, our focus shifted to open access publishing. We now proudly publish more than 100 world-class, open access, English language journals, spanning all scientific disciplines. Many of these are titles we publish in partnership with prestigious societies and academic institutions, such as the National Natural Science Foundation of China (NSFC).
END
Light, as an electromagnetic field, has two essential components: amplitude and phase. However, optical detectors, usually relying on photon-to-electron conversion (such as charge-coupled device sensors and the human eye), cannot capture the phase of the light field because of their limited sampling frequency. Fortunately, as the light field propagates, the phase delay also causes changes in the amplitude distribution; therefore, we can record the amplitude of the propagated light field and then calculate the corresponding phase, called phase recovery. Some common phase ...
A University of Queensland-led study has found humans can tell if chickens are excited or displeased, just by the sound of their clucks.
Professor Joerg Henning from UQ’s School of Veterinary Science said researchers investigated whether humans could correctly identify the context of calls or clucking sounds made by domestic chickens, the most commonly farmed species in the world.
“In this study, we used recordings of chickens vocalising in all different scenarios from a previous experiment,” ...
A previously unidentified genetic mutation in a small protein provides significant protection against Parkinson’s disease and offers a new direction for exploring potential treatments, according to a new USC Leonard Davis School of Gerontology study.
The variant, located in a mitochondrial microprotein dubbed SHLP2, was found to be highly protective against Parkinson’s disease; individuals with this mutation are half as likely to develop the disease as those who do not carry it. The variant form of the protein is relatively rare and is found primarily in people of European descent.
The findings appear on January 3, 2024, in the journal Molecular Psychiatry.
First ...
Plastic litter is a growing problem around the world, and new research shows that the bottom of Lake Tahoe is no exception. In one of the first studies to utilize scuba divers to collect litter from a lakebed, 673 plastic items were counted from just a small fraction of the lake.
In the study, published in the November issue of the journal Applied Spectroscopy, researchers from DRI and the UC Davis Tahoe Environmental Research Center teamed up with the nonprofit Clean Up the Lake to take a close look at the litter. First, ...
Infants born extremely prematurely need to get enrichment as an addition to breast milk. But does it make any difference whether the enrichment is made from breast milk or cow’s milk when it comes to the risk of severe complications in children? This has been investigated by a large clinical study led from Linköping, Sweden.
Infants born extremely prematurely, between weeks 22 and 27 of pregnancy, are among the most vulnerable patients in healthcare. The risk of serious complications is very high. Almost one in four extremely premature babies die before the age of one.
There is strong research support for giving breast ...
A new analysis of fossils believed to be juveniles of T. rex now shows they were adults of a small tyrannosaur, with narrower jaws, longer legs, and bigger arms than T. rex. The species, Nanotyrannus lancensis, was first named decades ago but later reinterpreted as a young T. rex.
The first skull of Nanotyrannus was found in Montana in 1942, but for decades, paleontologists have gone back and forth on whether it was a separate species, or simply a juvenile of the much larger T. rex.
Dr Nick Longrich, from the Milner Centre for Evolution at the University ...
As the world moves away from gas towards electricity as a greener power source, the to-do list goes beyond cars. The vast global manufacturing network that makes everything from our batteries to our fertilizers needs to flip the switch, too.
A study from UChicago chemists found a way to use electricity to boost a type of chemical reaction often used in synthesizing new candidates for pharmaceutical drugs.
Published Jan. 2 in Nature Catalysis, the research is an advance in the field of electrochemistry and shows a path forward to designing ...
For people looking to start 2024 with a new routine to feel fitter and happier, a new study from the University of Bath suggests that combining mindfulness with exercise could be your key to success.
A study, published in the academic journal Mental Health and Physical Activity, suggests that life changes which combine both physical activity and mindfulness are most effective at lifting mood and improving health and wellbeing.
Both physical activity and mindfulness practice have well established psychological benefits. However, ...
A new artificial intelligence tool that interprets medical images with unprecedented clarity does so in a way that could allow time-strapped clinicians to dedicate their attention to critical aspects of disease diagnosis and image interpretation.
The tool, called iStar (Inferring Super-Resolution Tissue Architecture), was developed by researchers at the Perelman School of Medicine at the University of Pennsylvania, who believe they can help clinicians diagnose and better treat cancers that might otherwise go undetected. The imaging technique provides both highly detailed views of individual cells and a broader look of the ...
“[...] we discuss the implications of these novel findings on our understanding of how healthy aging affects verbal working memory processing.”
BUFFALO, NY- January 2, 2024 – A new research paper was published on the cover of Aging (listed by MEDLINE/PubMed as "Aging (Albany NY)" and "Aging-US" by Web of Science) Volume 15, Issue 24, entitled, “Age-related alterations in the oscillatory dynamics serving verbal working memory processing.”
Working memory (WM) is a foundational cognitive function involving the temporary storage of information. Unfortunately, WM ...
