5 Ways You Can Transform Your Insurance Business with Data Analytics

5 Ways You Can Transform Your Insurance Business with Data Analytics

The unprecedented pace at which data is being generated in the digital era today–in terms of volume, variety and velocity–requires one to transform the way their organization looks at data analytics.

Data Forms the Bedrock of the U.S. Insurance Industry

Insurance processes where Data Analytics can be used: 01

Fraud Prevention

02

Policy Customization

03

Premium Pricing

04

Policy Self-Servicing

05

Business Transformation

0

01 Fraud Prevention Insurance Companies are using “smart� intelligence to match the variables in each claim against the profiles of previous fraudulent claims and data analytics-driven predictive modeling.

02 Policy Customization Data analytics algorithms can build personalized plans for prospective and existing customers by gleaning actionable insights from historical and current data sourced from different sources including call centers, e-mails and social media.

03 Premium Pricing By leveraging predictive modeling, you can track the behavior of individual policyholders, and generate a 360-degree customer profile to determine personalized policy premiums.

04 Policy Self-Servicing Insurance companies can automatically track the policy tenure and premium collection history, and make intelligent recommendations regarding policy renewal or modifications to the concerned individual.

05 Business Transformation One could apply data analytics to transform core business functions including underwriting, wherein algorithms facilitate better, accurate and automated risk modeling.

Conclusion Data is the new oil, everyone agrees in the 21st century.

The question is, are you ready to extract this crude, refine it and leverage the same for delivering better, relevant solutions to your customers?

Your competitors are already at it, and your customers won’t wait for long.

So, the Time to Act is Now!

Thank You For Reading This.

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