The Impact of Financial Data Analytics on Investment Decision-Making: A Case Study of Insurance Firms in Niger State
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Background of the Study
Investment decision-making is a critical process for insurance firms, requiring the analysis of large volumes of financial data to optimize portfolio performance and mitigate risks. Financial data analytics employs tools and techniques such as predictive modeling, machine learning, and data visualization to extract actionable insights from complex datasets (PwC, 2023). By enhancing the accuracy and speed of investment decisions, analytics tools have become indispensable in today’s competitive financial environment.
In Niger State, insurance firms operate in a volatile economic environment characterized by fluctuating interest rates, currency devaluation, and regulatory changes. Financial data analytics provides these firms with a competitive edge by enabling evidence-based decision-making, improving risk assessment, and enhancing portfolio performance. However, the adoption of analytics tools in Niger State remains limited due to factors such as high costs and inadequate technical expertise (Ibrahim & Ahmed, 2024).
Statement of the Problem
Insurance firms in Niger State face challenges in investment decision-making due to limited access to advanced analytics tools and reliance on traditional methods. This often leads to suboptimal portfolio performance, increased risk exposure, and missed opportunities for growth. While financial data analytics has been shown to improve decision-making globally, its impact on local insurance firms remains underexplored (Usman et al., 2024). This study aims to assess the role of financial data analytics in enhancing investment decision-making in insurance firms in Niger State.
Objectives of the Study
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To evaluate the adoption level of financial data analytics in investment decision-making among insurance firms in Niger State.
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To assess the impact of financial data analytics on investment portfolio performance.
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To identify challenges faced by insurance firms in adopting financial data analytics.
Research Questions
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What is the adoption level of financial data analytics in investment decision-making among insurance firms in Niger State?
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How does financial data analytics impact investment portfolio performance?
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What challenges do insurance firms face in adopting financial data analytics?
Research Hypotheses
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There is no significant relationship between financial data analytics adoption and investment decision-making.
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Financial data analytics does not significantly improve investment portfolio performance.
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The challenges of adopting financial data analytics are not significant in insurance firms in Niger State.
Scope and Limitations of the Study
The study focuses on insurance firms in Niger State, analyzing their use of financial data analytics tools for investment decision-making. Limitations include potential access issues to proprietary financial data and the variability of analytics adoption across firms.
Definitions of Terms
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Financial Data Analytics: The use of analytical tools and techniques to process and analyze financial data for better decision-making.
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Investment Decision-Making: The process of selecting financial assets or portfolios to achieve specific investment goals.
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Insurance Firms: Companies that provide financial protection against risks in exchange for premiums.
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