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Making an Insurance Underwriting Decision by Employing Social Media Networking Data
Chiang Ku Fan; Yu Hsuang Lee
Traditional techniques are labor intensive and very expensive. The new online social networking technology may help insurance companies to improve their underwriting profits and select prospective policyholders. However, insurers face obstacles that may impede the speed-to-market of applying social networking data to underwriting. This is because neither regulators nor insurers have developed guidelines for the overall use of social data, and scientific studies have not determined what types of social medial data are referable. To fill this research gap, this study conduct TOPSIS and CA methods to identify what underwriting factors underwriters prefer to search for in social media networking and explore the types of social media data that may offer the best insights on underwriting factors for insurers to make underwriting decisions. This study suggests Data derived from social media sites can serve to provide further confirmation of the information filled in an insurance application form, thereby assisting underwriting professionals to develop a proper social media underwriting guideline. The impact and influence of social media on underwriting handling, fraud preventing, and adverse selection avoiding cannot be ignored.