Transforming Insurance through Integrated Life, Disability, and Health Data
Vidya Rajasekhara Reddy Tetala
Abstract
The integration of life, disability, and health insurance data represents an important evolution in the insurance industry. Big Data technologies will afford insurers the opportunity to process large datasets for meaningful insights to offer comprehensive solutions that meet the interrelated financial and health needs of policyholders. The article discusses how Big Data will facilitate integration, followed by the life and disability insurance concepts. Further, the challenges of integration are discussed, and benefits to the insurer and the member are outlined. Ethical considerations and future directions are also discussed.
Keywords
Life Insurance, Disability Insurance, Health Insurance, Big Data, Insurance Integration, Risk Management, Predictive Analytics, Ethical Considerations
References
- Apache Software Foundation. Big Data Tools for Insurance Applications. Retrieved from www.apache.org.
- ACORD Standards. Frameworks for Insurance Data Interoperability. Available at www.acord.org.
- Deloitte Insights. Big Data in Insurance Transformation. Retrieved from www.deloitte.com.
- European Data Protection Board. GDPR Compliance for Insurance Integration. Available at https://edpb.europa.eu.
- MetLife. Improving Risk Management Through Data Integration. Insurance Operations Quarterly, 29(1), 45–67.
- Zurich Insurance Group. Data-Driven Claims Management in Integrated Systems. Journal of Insurance Strategy, 26(3), 89–103.
- Brown, K. Enhancing Insurance Systems Through Predictive Analytics. Journal of Insurance Technology, 25(1), 78–95.
- HIPAA Compliance Guide. Health Data Privacy in Integrated Insurance Systems. Available at www.hhs.gov.
- EY Global. Insurance Ecosystems: Leveraging Big Data for Integration. Retrieved from www.ey.com.
- Prudential Financial. Personalized Policies Through Data Integration. Journal of Insurance Studies, 27(4), 112–128.