How to build analytics into the Insurance Value Chain – EY Report
Article Synopsis :
Most of the insurers feel that data analytics has immense potential and its role would be pivotal in the coming future for doing business the digital way. Having said that there is a lot of scepticism in insurers mind related to investment and infrastructure cost. According to them collecting and managing data plus one to one mapping with revenue streams is a complicated task.
Ernst & Young presents a vision for data analytics integration in insurance services and discusses how analytics can create tremendous value for insurers in the digital marketing space. According to the report to build analytics capabilities insurers should:
• Develop a robust governance and operating model
• Evaluate the strength of their information architecture
• Use the right tools
• Develop real-time analytics
• Use an analytics innovation lab for rapid experimentation
The report also stresses on combining rational analytics with emotional analytics in the decision making process (a “whole brain” approach to analytics) and embed analytics as a core, interconnected competency across the business value chain.
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Digital Insurer's CommentsData analytics will help build real time holistic client profile facilitating direct and personalized communication. Developing data analytics capability will enable insurers to
• Identify hybrid customer needs
• Segment customers better
• Innovate new products and services
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