Analytics is emerging as a game changer for the insurance industry that is facing significant profitability and growth challenges.Over the past 15 years,revolutionary advances in computing technology and the explosion of new digital data sources have expanded and reinvented the core disciplines of insurers.Today’s advanced analytics in insurance push far beyond the boundaries of traditional actuarial science.
Companies achieved significant performance differentiation mainly by combining scale of exposures and underwriting expertise.However,we are entering a period when this picture will change.In the future,the creative sourcing of data and the distinctiveness of analytics methods will be much greater sources of competitive advantage.New tools for underwriting risk,new sources of external data,and behavior-influencing data monitoring are the key developments that are shaping up as game changers in insurance sector.
Three significant pillars of insurance analytics include analytics and customer acquisitions, customer retention, and risk management. Balancing both new customer acquisitions while retaining the older ones is an important element of success.
Real time insights into customer behavior pattern provides significant opportunities for cross sell / up sell.
Reduction in leakage
Using Machine learning models to reduce fraud related payments by quickly flagging deviation from standard pattern.
Enhanced customer service
Timely information related to customers’ concern helps to action them in the best time and improve customer service.
Automation and analytics can significantly improve claim processing capability and efficiency.
These records can be used to provide tailor made policy to customers’ behavior, requirement and risk profile.
Efficient use of data
Use of advance analytics system to optimally utilize and leverage useful internal and external data sources.
GlobCon Technologies is a Data analytics and Machine Learning solutions company. We are a team whose forte is to solve problems. At GCT, we believe in aligning solutions to business objectives through analytics while ensuring its impact where it matters.
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