Citation:

Devidas Kanchetti, 2023. "Social Media Data in Insurance: Exploring New Frontiers for Customer Insights and Risk Analysis", ESP Journal of Engineering & Technology Advancements 3(1): 168-180.

Abstract:

The use of social media data within the context of insurance is changing the way insurers obtain insight into customer conduct and risk evaluation. The following paper focuses on how insurance companies fit user-generated content to make customer profiling and risk modeling better, as well as to develop appropriate insurance products. Analyzing big data analytics, machine learning, and natural language processing, the paper considers the advantages and limitations of integrating social media data into underwriting, fraud detection, and customer service. Various key ethical issues, such as privacy, security, and compliance, are also covered. Lastly, this research work presents a visionary outlook of how data gathered from social media is likely to transform the insurance sector of the future.

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[21] Devidas Kanchetti, 2021. "Climate Change and Insurance: Using Predictive Analytics to Navigate Emerging Risks", ESP Journal of Engineering & Technology Advancements 1(1): 184-194.

[22] Devidas Kanchetti, 2021. "The Ethics of Data Science in Insurance: Balancing Innovation with Privacy and Fairness", ESP Journal of Engineering and Technology Advancements 2(1): 86-99.

[23] Devidas Kanchetti, 2022. "Navigating Regulatory Challenges in Data-Driven Insurance: Strategies for Compliance and Innovation", ESP Journal of Engineering & Technology Advancements 2(3): 85-101.

Keywords:

Social Media Data, Insurance, Customer Insights, Risk Analysis, Big Data Analytics, Machine Learning, Natural Language Processing, Underwriting, Fraud Detection.