Making the Industry Future-Ready – Infosys Whitepaper
Article Synopsis :
Big data analytics can help insurers better understand their operations, customers and markets.
In the white paper “Big Data, Analytics, and Business Intelligence: Making the Industry Future-Ready”, Infosys explains Big Data’s role in achieving new insights. Historically, data was stored and archived but not used. But new analytics and business intelligence (BI) tools bring ‘dead’ data to life, helping companies not only monetize this data, but gather more relevant and timely information moving forward.
As insurers become more automated they can use analytics and BI tools to achieve these business results:
- Insights for better strategic decisions
- Better alignment with rules and regulations set by external stakeholders
- Enhanced segmentation of customers, markets, and products and services
- Greater support for management teams based on a strong understanding of the functions of the business
- Identification of aberrations raising red flags (i.e., fraud detection)
- Identification and synthesis of micro-trends
Analytics tools allow insurers to not only leverage information gathered traditionally but also from new sources such as social, mobile, websites and beacons. The end result is information that is both richer and more complete, helping carriers gain an edge developing new products and marketing them through the right channels.
Link to Full Article:: click here
Digital Insurer's CommentsThe insurance industry is undergoing a radical transformation driven by more demanding and empowered consumers who gather and crunch information in real-time before engaging in transactions.
To win in this new environment, insurers must leverage and optimise their information assets – both archived and generated and collected in real time. Structured data on customers and unstructured data generated from various sources such as online forums and social media can help insurers refine risk pricing models, as well as develop and promote preventive strategies to drive down claims costs.
Link to Source:: click here