Elizabeth Moyinoluwa OLUDELE

This study examined the role of big data analytics in enhancing underwriting efficiency and risk assessment accuracy in the Nigerian insurance industry. Motivated by the growing relevance of data-driven decision-making in global financial services, the study sought to evaluate the extent of adoption, the benefits and challenges, and the potential of big data analytics in improving industry performance. A quantitative research design was employed, with data collected through structured questionnaires administered to underwriters, risk managers, and data analysts across selected insurance companies. Out of 200 distributed questionnaires, 176 were duly completed and returned, representing a response rate of 88 percent. Descriptive statistics were used to analyze demographic characteristics and summarize responses, while regression analysis was applied to test the hypotheses. The findings revealed that adoption of big data analytics is gradually increasing in the Nigerian insurance industry, with companies investing in tools and staff training, although integration into daily operations remains moderate. Respondents indicated that big data analytics has significantly improved underwriting efficiency by reducing processing time, minimizing errors, and enhancing the accuracy of customer profiling, thereby contributing to greater customer satisfaction. The study also identified key benefits, including cost savings, improved competitiveness, and better decision-making. However, challenges such as poor data quality, shortage of skilled personnel, and infrastructural limitations continue to hinderq its full implementation. Regression results further confirmed that big data analytics has a positive and statistically significant effect on underwriting efficiency and risk assessment accuracy, explaining 48 percent of the variation in performance. The study concludes that big data analytics is a critical driver of performance in the Nigerian insurance industry and has the potential to transform underwriting and risk management practices. It recommends increased investment in technology, capacity building, stronger data governance frameworks, regulatory support, and industry-wide standards to maximize its impact. While the findings provide useful insights, the study is limited by its focus on selected firms and its cross-sectional design. Future research is encouraged to adopt longitudinal and comparative approaches across different markets.