23 May 2017
For Lai Shumin, pursuing a career that lets her help people while applying analytical skills has always been her ambition. “Insurance is about protection, after all. Hence it is fulfilling to know that I would be able to help people in this regard.”
Interestingly, Shumin had never signed up for a scholarship before she applied for the MSIG Scholarship. Armed with a degree in Business Analytics, she decided to take the plunge in her pursuit of a career in data analytics.
She believes the two aspects of the insurance industry where data analytics can be applied are claims and telematics. “We can automate the claims process and use data mining models to flag out suspicious claims to greatly reduce the time required for the claims and improve customer satisfaction.”
In the case of telematics, which involves fitting a monitoring device in the cars of customers, it would help monitor the driver’s driving behaviour. “With the data collected, we are able to predict when the driver might get into an accident based on his driving tendencies,” she explains.
With so much data in the insurance industry, the potential to analyse data and innovate algorithms for predictive modelling is definitely one area Shumin is keen to explore. She says: “Ultimately, insurance is about providing a sense of security and protection for people. I strongly believe my skills in data analytics will help me achieve this goal.”