Leveraging Advanced Analytics and Optimizing Big Data – Wipro Report

Article Synopsis :

Shifting demographics and customer behaviours, emerging risks, and new forms of competition all influence insurer strategy. Increasingly, senior management is leveraging data analytics to inform not only strategic but operational decision-making.

Advanced analytics are moving beyond strategy to operational decision-making

In “Leveraging Advanced Analytics and Optimizing Big Data”, Wipro touts the value of data analytics in operational decision-making and provides examples of analytics use cases specific to the insurance industry. Per the report, the ability to deliver data-driven decisions in the following core operational areas is becoming critical:

• Leveraging underwriting/pricing and big data for risk-based pricing and improved risk selection
• Capturing customer sentiment, buyer behaviors, product affinity models, and segmentation
• Improving operational efficiencies through cost reduction, activity-based costing, automation, and reporting
• Preventing claims leakage and fraud and capturing enhanced service improvement metrics
• Enhancing commission, channel and distribution effectiveness using multiple data points

The report’s analysis and use cases are organized around six “key themes” for business analytics:

• Customer analytics
• Operational analytics
• Commission analytics
• Underwriting/pricing analytics
• Claims analytics
• Analytics-enabled IoT

Link to Full Article:: click here

Link to Source:: click here