Presently, and unlike what happened a few years ago, the analytical process is much more agile, extremely fast and done in real-time, bringing immediate benefits to the organization and the business. Never, as today, insurers have been able to capitalise on information that they have comprehensively understand, the markets, customers, products, distribution channels, regulations and competition.
The insurance sector, like others, works with large volumes of data, many of which are sensitive and complex. The available data come from different sources, poses challenges from regulatory and compliance to structural reforms in terms of coverage and financing, growing expectations on the part of customers in the commercial relationship and of course new business models. To be able to respond to all these challenges, it is essential to have appropriate technological solutions for fast and efficient data management, providing the necessary business information for the operation and maintaining the security and trust of our customers, partners and regulators.
For insurance companies, Data Analytics and Artificial Intelligence solutions are essential and allow a 360-degree business view. With the constant commercial pressures that organizations in the sector are subject to and new business models, fast and accurate responses are now required, and in an increasingly demanding market, technological solutions bring agility, disruption and intelligence, thus increasing efficiency and reducing costs, providing updated and reliable reports and dashboards, which support the decision-making process.
In addition to this, one of the biggest problems that insurers are facing is fraud. With the implementation of technological Analytics solutions, it is possible to analyse and interpret all information, which facilitates the identification of inconsistencies and fraudulent incidents in a faster and more accurate way. That allows for more efficient responses with lower costs while offering an excellent service to customers.
The adoption of these solutions by insurance companies is also an excellent ally in the relationship with customers, making it possible to present personalised insurance prices according to the behaviour and history of the insured. By directing the offer, it is possible to guarantee higher customer loyalty, retention and satisfaction. By analysing historical data, and through correct predictive analytics, it is conceivable to identify the likelihood of future results and discover new business opportunities. Finally, by minimising risk and increasing opportunities for interaction with policyholders, it can increase brand awareness, foster loyalty and increase sales.
“How can I improve the efficiency of my organization? How can I make it more competitive to overcome my competition? How can I reach my customers? How can I prevent fraudulent situations?” – questions like these are part of the daily life of the decision-makers in the insurance sector and can be answered through Data Analytics and Artificial Intelligence solutions.
With a more analytical culture, it is possible to optimise processes, gain efficiency and have a complete view of the entire organization and thus monitor performance, make better decisions and adjust strategies with a focus on increasing the organization’s profitability and gaining market share.
Opinion article published in Sapotek – October, 2020