Advanced analytics for insurance – An EY report
Article Synopsis :
Two of the current challenges facing insurers are intensifying competition and waning customer loyalty. Insurers are continuously looking for ways to differentiate in order to meet customers’ expectations of personalised experience. They have started acknowledging that ‘business as usual’ is not an option and real time analytics can help them overcome challenges and encourage faster decision making.
In the report titled “Advanced analytics for insurance” E&Y showcases how infusing advanced analytics capability into an insurer’s DNA allows them to identify new growth opportunities while simultaneously protecting and optimising their enterprise. As per the report three things that insurers need to succeed are:
1. Whole brain analytics – an advanced analytics method
2. Industry led analytics – integrated into the business value chain
3. Contemporary analytic capabilities – the right skills, information architecture and tools:
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Digital Insurer's CommentsIn the report the author rightly points out – “Bringing rational and emotional thinking together delivers new insight, allowing you to solve complex business issues and find new growth opportunities”.
Once implemented properly advanced analytics can help insurers in the following key areas:
1. Existing customer retention and new customer acquisition with innovative product design
2. Effective claim handling and management
3. Better risk management and fraud detection
4. Optimisation of distribution channels
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