Opportunities and Challenges for the Development of the Finance and Insurance Industry in the Era of Big Data
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v5i4.2577
Abstract
Precision marketing and customer segmentation with the help of big data analysis can help financial and insurance companies position their target customer groups more accurately and improve marketing efficiency. Product innovation and service optimization combined with big data analysis for their own improvement is conducive to improving customer satisfaction. However, the use of big data analytics can also bring challenges to the financial insurance industry including, but not limited to, data security, data quality, privacy protection, and regulatory compliance and policy risks. To address these challenges, the finance and insurance industry must take a series of countermeasures.
Keywords
big data; finance and insurance; risk management
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[5] Li Hongxi. Analysis on the Development of Insurance Industry in the Context of Big Data[J]. China Collective Economy, 2020, (21): 98-99.
[6] Yang Yang. Research on the Application of Blockchain and Big Data in the Financial Industry[J]. Times Finance, 2020, (01): 77-78+82.
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