Conceptual Mapping of Insurance Risk Management to Data Mining

Abstract

Insurance industry contributes largely to the economy therefore risk management in this industry is very much necessary. In the insurance parlance, the risk management is a tool identifying business opportunities to design and modify the insurance products. Risk can have severe impact in case not managed properly and timely. The mapping of risk management with data mining will help organizations to analyse risks and formulate risk mitigation and prevention techniques more efficiently and effectively. This paper aims to study the conceptual mapping of various task of insurance risk management to data mining. A new paradigm has been suggested for insurance risk management using the main attributes and key aspects of data mining.