View our courses

About CFTE

Data Analytics in Insurance

Written by CFTE’s Experts

Data Analytics are IT tools that allow organizations or individuals to inspect and model data to get useful information out of it. Insurance companies have benefited from these tools a lot, as they are able to receive the things they need, but could not get before, with even more clarity.

Fintech Foundation Specialisation

Leading Asian Fintech accelerator founder teaches disruptive business models in finance

How has Data Analytics Transformed the Insurance Industry?

Data Analytics has brought about a huge change in all industries, and insurance companies are no exception. Let’s have a look at some interesting transformations:

Labour has been Reduced to a Half

Data analysis was always a priority of such organizations. However, back then this task had to be done manually, and many people were required for complex calculations and detailed analysis of the scope of their services and customers. With the help of data analytics, the need for labor has reduced significantly, because the tool is able to do all kinds of computations.

Insurance Companies are Able to Get More Output

Despite a lot of manpower, the analysis made by the professionals was minimal at best, because of the limited capacity of people. However, the organizational infrastructure of data analytics allows for a pinpoint analysis and gives the company the exact information they want.

Learn AI in Finance
Learn from AI experts and unleash the potential of AI in your organisation
View the course
Get a 360 view on Fintech
Learn Fintech from the founders and executives of leading financial insitutions
View the course
Ready to disrupt Payments?
Leverage the latest payments innovations and strategise your business model
View the course
Previous slide
Next slide

Services are Becoming More Personalized

The help of data analytics is being used to understand customer psychology better. This includes customers differentiated by age-groups, their gender, or the location they are living in. This allows for services to be more personalized, i.e., customers are introduced with services or offers that they really need.

Applications of Data Analytics in the Insurance Industry

The applications of data analytics are expanding even further, with the availability of more diversified and stronger tools. Let’s look at some interesting applications:

Data analytics is being used to do a background check, to help determine customers who have a higher risk of committing fraud.

Companies are using data analysis to determine what kind of service their customer is likely looking for, and attract them accordingly.

The claims process is being managed by insurance companies via data analytics.

Data Analytics is being used to determine the locations where insurance companies can expand their market.

Insurance Companies that are Making use of Data Analytics

Here are some insurance companies that are making use of data analytics:


After making Maya (a chatbot) communicate with customers, data analytics are applied to attain the most useful information that can be further processed.

Learn Digital Finance from Experts

John Hancock International:

They are rewarding customers that provide data about their fitness and wellbeing through wearables like a smart watch. Analytics are applied to the data to determine which customers have a lower chance of insurance.

Final Thoughts

Various organizations are always coming up with new data analytics tools, with added features and advanced functionalities. All of this, in the long run, will allow for greater progress in the domain of data and information handling, and deriving meaningful conclusions from data, contributing greatly to further success of insurance companies.

Want to dive deeper into Data Analytics?

Gain the skills you need to thrive in a technology-led world


Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

At CFTE, our mission resonates with every learner’s goals to rapidly advance in their career, to thrive in their next project or even to lead the disruption in finance with their own venture. To help you do this, CFTE gives you the tools you need to master the right skills in digital finance. We bring exclusive insights from leaders that are steering the developments in the financial sphere from global CEOs to disruptive entrepreneurs. With CFTE you don’t just learn what’s in the books, you live the experience by grasping real-world applications.

If you are looking for rich insights into how the Financial Technology arena is transforming from within, we can help you get the latest knowledge that will stir things up in your career. CFTE offers leading online programmes in digital finance, covering an expanse of topics like – Payments, AI, Open Banking, Platforms, Fintech, Intrapreneurship and more, that will help you conquer the financial technology landscape. With this expertise at your disposal, you will be on track to turbocharge your career.

You will be learning from a curated line-up of industry leaders, experts, and entrepreneurs hailing from Fortune 500 companies and Tech Unicorns, among others. They will each be presenting their knowledge and experience in the field of digital finance. No matter if you are embarking on a new journey or fortifying your role, these lecturers and guest experts will guide you through the perspective of established institutions like – Starling Bank, Wells Fargo, tech giants like – Google, IBM, successful startups such as – Kabbage or Plaid, among many more!