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In the last few years, Commercial Insurers have been making great strides in expanding the use of their data. The approach is very evolutionary; the initial focus tends to be aimed at cost savings and starts with structureddata. Then there is a recognition that there is so much more that can be done with the data.
RED’s focus on news content serves a pivotal function: identifying, extracting, and structuringdata on events, parties involved, and subsequent impacts. Riskmanagement : Understanding the correlation between events and stock price fluctuations helps managerisk.
Data extraction Once you’ve assigned numerical values, you will apply one or more text-mining techniques to the structureddata to extract insights from social media data. Crisis management and riskmanagement: Text mining serves as an invaluable tool for identifying potential crises and managingrisks.
Today, with AI, more sophisticated rules can be developed which address the sparse data problems by factoring in alternate and behavioural data such as smart phone usage and payment behaviour. With AI, apart from the quantitative data, unstructureddata systems can be assessed for riskmanagement.
The architecture may vary depending on the specific use case and requirements, but it typically includes stages of data ingestion, transformation, and storage. Data ingestion methods can include batch ingestion (collecting data at scheduled intervals) or real-time streaming data ingestion (collecting data continuously as it is generated).
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