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Ways Insurers Can Leverage Big Data for Business Value – TCS

Article Synopsis :

Insurance carriers know how to crunch data to assess risk and create value for customers. Big Data analytics opens up new opportunities for risk assessment, product development, and value creation.

 The Digital Insurer reviews TCS’s Report on A Dozen Ways Insurers Can Leverage Big Data for Business Value

Twelve suggestions for earning returns on Big Data investments. 

In the white paper “A Dozen Ways Insurers Can Leverage Big Data for Business Value”, Ajay Bhargava from TCS outlines a high-level framework for harnessing and harvesting big data for improved business results. Specific use-cases include:

  1. Making performance improvements in existing data warehouse environments
  2. Detecting fraud
  3. Combining customer channels
  4. Optimizing call centre workloads
  5. Using telematics data to derive prescriptive and predictive value
  6. Leveraging cross-sell and up-sell potential
  7. Improving sentiment analysis to improve customer service
  8. Utilizing social media to introduce new products and services
  9. Closing the loop between pricing risk and claims
  10. Leveraging external data for more accurate pricing
  11. Enhancing intranet search capabilities
  12. Creating comprehensive customer satisfaction surveys

The paper also discusses with open eyes the challenges of working with big data, specifically:

  • The explosion of data and proliferation of channels
  • An increasingly competitive landscape, especially in the P&C and life sectors
  • Increasingly demanding regulatory regimes in North America and Europe
  • An unusually high number of catastrophic losses caused by brush fires, hurricanes, earthquakes, and other natural disasters in recent years
  • The challenge of synthesizing big data and small data environments
  • Siloed data environments

Link to Full Article:: click here

Digital Insurer's Comments

The digital insurer is adept at harnessing technology to achieve superior:

  • Customer-Centricity
  • Omni-channel Delivery
  • Product Innovation and Risk Management
  • Operational Efficiency

Though big data offers the potential for new levels of excellence in these areas big data initiatives are inherently complex. Defining a strategy is difficult, and then there’s selecting tools from a growing array of tools – never mind finding people skilled at wielding them.

Big data is a big category. This paper does an excellent job suggesting specific use-cases for insurers trying to figure out where to start.

Link to Source:: click here


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