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Data Visualization: An Important Tool For Insurance, Risk Management

 Monday, May 16, 2022

 Triple-I Blog

Data visualization has become an increasingly important tool for understanding and communicating complex risks and informing plans to address them.

Simply put, data visualization is the depiction of data through static or interactive charts, maps, infographics, and animations. Such displays help clarify multifaceted data relationships and convey data-driven insights.

The origins of data visualization could be considered to go back to the 16th century, during the evolution of cartography.

However, modern data visualization is considered to have emerged in the 1960s, when researcher John W. Tukey published his paper The Future of Data Analysis, which advocated for the acknowledgement of data analysis as a branch of statistics separate from mathematical statistics.

Tukey helped invent graphic displays, including stem-leaf plots, boxplots, hanging rootograms, and two-way table displays, several of have become part of the statistical vocabulary and software implementation.
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