How Analytics Insures The Insurance Industry?s
Insurance industry requires plenty of information to stay competitive among their peers. For your insurance business the next generation data solutions can help you collect and process huge amounts of the data in something very actionable intelligence.
The insurance companies have got no physical products for managing and manufacturing. In this scenario, the data from the insurance analytics is one important asset for the insurance companies.
The insurance analytics offerings will allow the insurance companies to make most of their huge data repository that they have with them. For this reason, large insurance firms and brokers are upgrading the systems— so that they will take benefit of the Data Analytics & use this to the fullest potential.
It is beginning to play the larger and important role in each aspect of this industry. Here is how the Data Analytics will transform static insurance industry.
Prevent and Decrease Fraud, and Waste
Unluckily, there’re the policyholders who view insurance company as own private money stash. They think insurer is there cheat them, and they choose to cheat an insurer first & “get theirs.” Increase in the fraudulent claims is quite evidence from this fact. Luckily, there is the way to minimize and stop the phenomenon altogether.
The actionable intelligence from the Data Analytics is used to know who is likely to commit the insurance fraud even before it happens. For instance, agent will monitor the data in the real-time from different social media network and see if policyholder is engaging in fraud.
Suppose that policyholder files any claim for tree branch falling from his house in winter because of snow accumulation, and he is snapping photos of awesome rooftop decorations and posting it to Facebook, there is obviously the discrepancy.
Highly customer centricity
There is this trend in industry towards being client-centric. The clients want the trusted consultant who will help them to get insurance they need. The Data Analytics will help the brokers to fulfill this role. The intelligent insurance management systems are allowing the agents to use this technology that will give them the actionable insights that are based on the customer data.
For instance, the intelligent management platforms will feature the smart dashboards to access as the agent and get the complete overview of your client’s portfolio. Suppose one of the clients has gap in coverage, then system will immediately alert you as well as give you the opportunity to bring an added value for your client. Not just does it cause your client to feel as if you are looking for him, and you get more sales.
Help Costing Premiums
When the insurance companies premiums and policies, one problem that they run in is the accuracy of data that they have. The insurance companies generally rely on “Law of the Large Numbers” for making statistical predictions of the insurable events. Due to this, they will not predict the individual accidents and incidents. They do not have to and they only have to know, how certain things can shake out.