Financial engineering is the process of creating innovative solutions for the existing financial problems of a company by using applications of mathematical methods. Financial engineering uses tools and knowledge from the fields of computer science, big data, data science, data analytics, statistics, economics and applied mathematics to address current financial issues as well as to devise new and innovative financial products. Financial Engineering is helpful in derivative pricing, financial regulation, execution, corporate finance, portfolio management, risk management, trading of structured products. Therefore, financial engineering is used by Commercial Banks, Investment Banks, Insurance companies and other fund hedging agencies. The present study focus on the role of big data, data science and data analytics in financial engineering as a successful tool at all stages of insurance business management practices. How these insurance companies are using said three data tools effectively as fasteners of financial engineering for the successful design, development and implementation of innovative business processes and products in this competitive and everchanging insurance market with innovative product features and strategies