30 October 2019

How is Analytics and Big Data transforming the Insurance Industry?

Imagine that you can have access to new customers, provide them with a personalised and different offer, have a higher process optimization and expand your business to other promising markets?

Interesting, right? These are some of the advantages that Analytics and Big Data can bring to your business that can make all the difference in organizations daily management and the delivering of results.

In an increasingly demanding and disruptive market, disruptive technological solutions enable to process a large amount of data that is generated today, thereby increasing efficiency and reducing costs by providing organizations with updated, reliable reports and Dashboards that will enable to make decisions faster and more securely.

With real-time access to key indicators, the manager acquires superior responsiveness to unforeseen events, obtaining a higher competitive advantage over the competition, since they can make smarter decisions, identify areas for improvement and accelerate results.

The adoption of Analytics and Big Data solutions by the insurance market, not only assists in decision-making but also customer relations. Having more personalised and adjusted insurance prices is one of the key trends in Data Analytics. By redirecting the offer, it ensures higher customer loyalty, retention and satisfaction. By looking at historical data and predictive analytics, it is possible to identify the likelihood of future results and discover new opportunities.

Furthermore, Big Data lets you know each customers’ risk and minimize that impact in time. With effective predictive analytics, it can manage and minimize the default risk, for example, an issue that concerns insurers so much. But also, having more powerful complaint management, reducing the negative financial impact which these issues have on the organization.

One of the biggest problems that insurers faced is fraud. According to industry results, 1 out 10 complaints is recorded as fraud.

By implementing technology solutions for data analytics, you can analyse and interpret all information, making it easier to identify fraudulent incidents faster and more accurately.

Never, until today, has been so much data generated, however, maximizing your potential through effective technology solutions can differentiate your business in the market. You have at your disposal, the adoption of these tools and strategies that you can use for the benefit of your organization.

Admittedly, insurance organizations today must leverage its information to comprehensively understand markets, customers, products, distribution channels, regulations and competition.

Can you leverage your data value to thrive in the global market today?