What is Data Analytics?
As the word suggests Data Analytics refers to the techniques and tools to analyze data with the goal of enhancing business productivity. In this way, data is extracted from various sources and is categorized to analyze different behavioral patterns.
In the past, companies may have used data following these steps: gather data, decide what it means, and figure out how to apply it.
The evolution of business analytics has led to a digitally transformed process that will help you more easily identify what insights are required to fuel your business decisions, decide what kind of information would produce those insights, and, ultimately, which data sources would provide that information.
Is your organisation ready to monetize the potential of your data?
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Data and Analytics Solutions for the Financial Services Industry
Discover our Data Analytics solutions that can help you make smart investments, focusing on reduced data point complexity to deliver business insights and identify growth drivers. Analyze the overall financial results including sales, cost, profits and more from different tables. Migrate from traditional reports to advanced platforms such as Microsoft Power BI, Tableau, Qlik and many others which will provide interactive visualizations and a holistic view of your most important data.
business analytics
Data Analytics in the Financial Services Industry
Deliver a winning customer experience through improved segmentation and targeted solutions that can enhance risk estimation in underwriting, thus reducing the cost of claims and identifying new sources of sustainable growth.
Predictive Analytics is both revolutionary and evolutionary in the context of an insurer’s, a bank’s or a digital lender’s three major business areas: marketing, underwriting, and claims.
Business Analytics for Marketing
Segmentation
Business Analytics tools enable to prepare segment-wise reports, according to which marketing teams can determine where to concentrate resources while identifying optimum campaign segmentation.
Marketing Mix Optimization
The 4Ps of marketing: product, place, price and promotion help sales managers determine the right mix that can result into optimum sales.
Business Analytics for Underwriting
Precise Pricing, Enhanced Value
In the new Underwriting paradigm, the actuary can complement traditional questions with scientific questions that drive better risk decisions.
Real-time Analytics with big data
Faster screening of new claims: analyze past customers and customer groups in order to establish a screening model to measure new applicants against.
Business Analytics for Claims
Fraud
Analyze trends to identify and predict future fraud activity by individuals and groups.
Claims dimensions
Assess likely claims by size of settlement, allocating internal resources to higher priority claims.
Improving Decisions in the Claims
Management Process
There are many decision points across the claims management process that can benefit from the foresight that predictive analytics provides.
Why incorporate a data-driven strategy into your financial services processes?
- Boost profitability
- Boost productivity
- Boost customer satisfaction and retention
All of the above benefits are part of the same foundation that makes your organisation successful. Utilizing data to strengthen these organisational pillars can ensure the long-term success of your organisation.
How can we help you?
If you are looking for a strategic partner who can help you narrow down your focus, create custom visualizations, automate reporting, and enable your end-users, learn more about our Data and Analytics solutions.
Data Visualization
Predictive Modelling & Advanced Analytics
Data as a Service
Machine Learning
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We can help you drive your data-driven capabilities to the next level by building, managing and optimizing your Business Intelligence strategy using state-of-the-art-technology.
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