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ACC508 - Informatics and Financial Applications Assignment

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Jomo Kenyatta University of Agriculture and Technology

   

Informatics and Financial Applications (ACC508)

   

Added on  2020-03-01

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ACC508 - Informatics and Financial Applications Assignment, we discuss what information systems, decision support systems, and cloud computing decision Support Systems are and how these tools can be used within the insurance industry to fix some of the challenges they face such as product development and insurance fraud detection. 

ACC508 - Informatics and Financial Applications Assignment

   

Jomo Kenyatta University of Agriculture and Technology

   

Informatics and Financial Applications (ACC508)

   Added on 2020-03-01

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ACC 508 Informatics and Financial ApplicationsAssignment 1: Information Systems, Decision Support Systems and Cloud ComputingByJaspreet SinghStudent Number: 1107011
ACC508 - Informatics and Financial Applications Assignment_1
EXECUTIVE SUMMARYToday every business is built and run from data. However, the key to success is howthese businesses use their data to make strategic decisions. One of the ways abusiness can achieve this goal is through the use of Decision Support Systems. Decision Support Systems (DSS) are a set of tools and software that transform multiplelevels of data into useful information. This information can then be used bymanagement to make strategic business decisions.DSS tools have increased in popularity since their introduction in the 1960s. Today,there are more than 100 software companies offering a variety of DSS tools, rangingfrom data mining, OLAP, reporting, cloud computing etc. The aim of these tools is tooptimize business performance. One of the industry’s that would greatly benefit from DSS tools is the insurance industry.Insurance companies have been operating for many years. Furthermore, they collect alot of data in regards to their policies and claims. A DSS tool would, therefore, allow aninsurer to transform the collected data into valuable analyses which the company mayuse to improve their pricing, product development, fraud detection and other strategies.Jaspreet Singh1107011i
ACC508 - Informatics and Financial Applications Assignment_2
TABLE OF CONTENTSEXECUTIVE SUMMARY......................................................................................................................iTABLE OF CONTENTS.......................................................................................................................iiTABLE OF FIGURES..........................................................................................................................iiiCHAPTER 1 : INTRODUCTION...........................................................................................................1CHAPTER 2 : DECISION SUPPORT SYSTEMS AND INSURANCE.........................................................2CHAPTER 3 : CLOUD COMPUTING AND INSURANCE INDUSTRY.....................................................4CHAPTER 4 : CONCLUSION...............................................................................................................6REFERENCES.....................................................................................................................................7APPENDIX A......................................................................................................................................8Jaspreet Singh1107011ii
ACC508 - Informatics and Financial Applications Assignment_3
TABLE OF FIGURESFIGURE 2-1: INSURANCE FRAUD DETECTION SYSTEM....................................................................3FIGURE 3-1: INSURANCE COMPANIES RESPONSE TO CLOUD COMPUTING...................................5Jaspreet Singh1107011iii
ACC508 - Informatics and Financial Applications Assignment_4

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