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What is a SWOT analysis? - Answer-A method to identify strengths, weaknesses, opportunities, and threats. What are some factors contributing to Millstone's deteriorating loss experience? - Answer-Increase in fraudulent claims and weather-related disasters. Why is Millstone concerned about its u...

1. How does big data influence risk management and insurance strategy? a) It improves underwriting accuracy b) It reduces claims processing time c) It enhances customer engagement d) All of the above - Answer-d) All of the above 2. What is one benefit of data analytics in claims management? a)...

Insurers can benefit from - Answer-A framework they can use to approach problems through data analysis The important first step in a decision-making model is to - Answer-Define the problem Which one of the following is a way that insurers and risk managers can use data science to improve their r...

big data - Answer-sets of data that are to large to be gathered and alayszed by traditional methods 5 Vs of big data - Answer-volume variety velocity veracity value volume - Answer-far larger (consumes more storage space) than traditional data stores variety - Answer-much of the data exists i...

What is data science? - Answer-Field of data analytics How does data science apply to risk management and insurance? - Answer-Offers business solutions via data analytics What is the role of a data scientist? - Answer-Manage and analyze large amounts of data What skills are necessary for managin...

What is the objective of studying big data and technology in risk management and insurance? - AnswerTo explain how they influence risk management and insurance strategy. How does data allow insurers to provide coverage for a variety of risk exposures? - Answer-Through the law of large numbers and ...

big data - Answer-Sets of data that are too large to be gathered and analyzed by traditional methods. law of large numbers - Answer-A mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (...