Turn data into new sources of competitive advantage by facilitating data driven insight to improve both the decision-making process and the efficiency of your processes, as well as to create new products and services.
Strategic initiatives in business intelligence that make the difference operate on three levels: trust, leverage then advance with data. Begin by putting in place a clear data governance path to ensure the organisation relies on good quality and complete data available for every level of the business. Change management is a people-first critical aspect to consider right from the start. Then work to have data in one place as well as the tools that are user-friendly and simple to understand. Finally, data must be able to measure performance and drive a general understanding of trends to make the right business decisions in the future. The ultimate goal is to achieve a competitive advantage through integrating data into your operating model.
Discover 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.
Deliver a winning customer experience with improved segmentation and targeted solutions that can enhance the accuracy of risk estimations 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 three major business areas: marketing, underwriting, and claims.
Business Analytics for Marketing
Business Analytics tools enable to prepare segment-wise reports, according to which marketing teams can determine where to concentrate resources.
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
Analyze trends to identify and predict future fraud activity by individuals and groups.
Assess claims by size of settlement, allocating internal resources to higher priority claims.
Improving Decisions in the Claims
There are many decision points across the claims management process that can benefit from the foresight that predictive analytics provides.
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.
If you are looking for a strategic partner that 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.
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