Big Data Analytics in Pakistan and Insurance Sector

 

Here is a brief timeline of the development of big data analytics in Pakistan:

 

2012: The Higher Education Commission of Pakistan (HEC) established the National Center for Big Data and Cloud Computing at the Lahore University of Management Sciences (LUMS). The center was established to promote research and development in the field of big data analytics and cloud computing in Pakistan.

 

2013: The Pakistan Software Export Board (PSEB) organized a conference on big data analytics in Karachi. The conference brought together experts from academia, industry, and government to discuss the latest trends and developments in the field of big data analytics and their potential applications in Pakistan.

 

2014: The Pakistan Telecommunication Authority (PTA) launched the country's first national data portal, known as the Pakistan Data Portal (PDP). The portal was designed to provide access to a wide range of data sets from various government agencies, including demographic, economic, and social data.

 

2015: The Punjab Information Technology Board (PITB) launched the Punjab Open Data Portal (PODP). The portal was designed to provide access to a wide range of data sets related to the province of Punjab, including data on education, health, and agriculture.

 

2016: The International Data Corporation (IDC) predicted that the big data and analytics market in Pakistan would grow at a compound annual growth rate (CAGR) of 36.5% from 2015 to 2020, driven by increased adoption of big data analytics by businesses and government agencies.

 

2017: The Pakistan Software Houses Association (P@SHA) organized a conference on big data analytics in Islamabad. The conference brought together experts from academia, industry, and government to discuss the latest trends and developments in the field of big data analytics in Pakistan.

 

2018: The Higher Education Commission of Pakistan (HEC) launched a new program to provide scholarships for students pursuing graduate studies in big data analytics and related fields. The program was aimed at promoting research and development in the field of big data analytics in Pakistan.

 

2019: The Pakistan Software Houses Association (P@SHA) launched the National Center for Artificial Intelligence and Big Data Analytics (NCAIBDA) in Islamabad. The center was established to promote research and development in the field of big data analytics and artificial intelligence in Pakistan.

 

Overall, while the adoption of big data analytics in Pakistan is still in its early stages, there have been significant developments in recent years, with the establishment of national data portals and centers for research and development in big data analytics. It is likely that more businesses and government agencies in Pakistan will adopt big data analytics in the coming years as the benefits of data-driven decision making become more apparent.

 

Bigdata Analytics

Here is a brief timeline of the development of big data analytics in the insurance industry in Pakistan:

 

2016: EFU Life, one of the leading insurance companies in Pakistan, announced that it had partnered with Teradata, a global big data analytics company, to develop a data warehouse and analytics platform. The platform was designed to enable EFU Life to analyze customer data and improve its underwriting and risk management processes.

 

2017: Jubilee Life Insurance, one of the largest insurance companies in Pakistan, announced that it had implemented a new data analytics platform to enhance its fraud detection capabilities. The platform, developed by SAS, a global analytics software company, was designed to enable Jubilee Life to identify and prevent fraudulent claims.

 

2018: TPL Life, a subsidiary of the TPL Corp Group, announced that it had adopted a new data analytics platform to enhance its underwriting processes. The platform, developed by Acuity Knowledge Partners, a global business research and analytics firm, was designed to enable TPL Life to improve risk assessment and pricing for its insurance products.

 

2019: Adamjee Insurance, one of the oldest and largest insurance companies in Pakistan, announced that it had partnered with IBM to develop a new data analytics platform. The platform was designed to enable Adamjee Insurance to analyze customer data and improve its underwriting and claims management processes.

 

2020: IGI Life Insurance, a subsidiary of the IGI Group, announced that it had adopted a new data analytics platform to enhance its underwriting and claims management processes. The platform, developed by Solera Holdings, a global risk and asset management company, was designed to enable IGI Life Insurance to improve risk assessment and claims processing for its insurance products.

 

Overall, while the adoption of big data analytics in the insurance industry in Pakistan is still in its early stages, there have been significant developments in recent years. With the implementation of data analytics platforms by companies such as EFU Life, Jubilee Life Insurance, TPL Life, Adamjee Insurance, and IGI Life Insurance, it is likely that more insurance companies in Pakistan will adopt big data analytics in the coming years to enhance their underwriting, risk management, and claims management processes.