The use of Big Data in financial services provision is proving increasingly valuable for deepening our understanding of consumer behaviour and needs and tailoring new products, services and delivery mechanisms to address them.
In February 2017, Manoj Chiba, Data Science Associate at i2i, presented at a breakfast meeting hosted by Financial Sector Deepening Zambia (FSD Zambia) on how Big Data can be leveraged for inclusive insurance markets. The meeting was part of a collaboration between FSD Zambia, the Insurance Association of Zambia (IAZ) and the Technical Advisory Group (TAG) to increase access to and usage of insurance services for inclusive insurance in Zambia. It was attended by insurance companies and other financial service providers (FSPs).
Manoj showed how big data is enabling a more granular understanding of consumers, particularly for new segments that are not part of the traditional data footprint. This holds the potential to identify new opportunities for the expansion of clients for insurance companies and other FSPs.
However, Manoj explained that there is a need to rapidly test these products and services to ensure they meet the needs of these new consumer’s segments and showed how big data can be used in this regard.
i2i will continue to explore the role of new data sources and analytics in inclusive financial markets in Zambia through their DataHack4FI Innovation Competition co-hosted with FSD Zambia and BongoHive. The competition will run from March 24 to 26 to bring together the brightest minds to come up with data-driven solutions for financial inclusion. Learn more about it here.