16. Big data and data analytics Flashcards

1
Q

What is big data?

A

Data sets whose size or type is beyond the ability of traditional relational databases to capture, manage, and process the data with low latency

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2
Q

Big data characteristics

A

High volume
High velocity
High variety

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3
Q

Big data types

A

Categorical (nominal)
Ordinal
Interval
Ratio

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4
Q

Big data opportunities

A

Making better informed decisions (strategies, recommendations)
Discovering hidden insights (anomalies, forensics, patterns, trends)
Automating business processes (complex events, translation)

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5
Q

Identify insurance fraud (opportunity)

A

Save and make money by reducing fraudulent auto insurance claims

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6
Q

Identify insurance fraud (data & analytics)

A

Predictive analytics against years of historical claims and coverage data
Text mining adjuster reports for hidden clues (missing facts, inconsistencies, changed stories)

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7
Q

Identify insurance fraud (results)

A

Improved success rate in pursuing fraudulent claims
Reduced fraudulent claim investigation time
Marketing to individuals with low propensity for fraud

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8
Q

Identify corporate image (opportunity)

A

Improve reputation, brand and buzz by tapping social media

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9
Q

Identify corporate image (data & analytics)

A

Continually scanning Twitter verse for mentions of their business
Integrating tweeters with their robust customer management system

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10
Q

Identify corporate image (results)

A

Saw tweet from top customer lamenting

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