The entire insurance business concept is based on risk assessment. Whether it is property and casualty insurance or any other type of life, home, or auto policy, the main task is to assume the potential relevant risks for each client and predict the likelihood that the policyholder will file a claim.
When visualizing data, it is important to consider the objective and tailor the graph to the desired storytelling. The audience for whom the results will be shown also influences the choice of graph type. The size and type of data, as well as the relationship between variables, also determine which type of graph is most suitable. It is advisable to experiment with different graphs and use multiple graphs to maintain clarity and show comparisons, trends, and relationships between variables.
Most Spanish SMEs rely on digitalization and plan to invest in it over the next three years; however, they still need to undergo a digital transformation focused on the efficient management of large volumes of data. Utilizing Big Data strategies can help these companies address issues proactively, generate new opportunities, improve operational efficiency, and enhance customer loyalty. However, SMEs face challenges such as integrating different data sources and types, the need to process large volumes of data quickly, and the appropriate selection and preparation of data. To succeed with a Big Data strategy, SMEs must clearly define business problems, select and prepare the right data, store it securely, and perform thorough analysis to make data-driven decisions. The beginning of a new year is an opportune time to implement digital transformation and Big Data strategies, requiring a shift in mindset and strategic focus for these businesses.
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