Conceptual Framework on the Use of Big Data to Manage Risks in the South African Insurance Sector: The Case for Further Study

The adoption of big data presents a pivotal opportunity for enhanced risk management. Despite extensive global research, the correlation between big data usage and improved risk management, specifically within this regional context, remains insufficiently explored. This study, undertaken as part of a doctoral research project, addresses this gap by proposing a robust conceptual framework aimed at optimizing the leveraging of big data by local insurers. This research, which is expected to be completed by December 2024, will not only broaden academic understanding but also provide practical insights for the insurance industry. The framework developed as part of the research will enhance decision-making, streamline risk assessments and boost operational efficiencies. The methodological contributions of this study promise to lay foundational guidelines for future research in this area with a view to facilitating the deeper integration of advanced analytics into South African insurance risk management practices.