Less than 5 years ago a survey concluded that “The majority of Insurance companies perform 80% of their activities the same way their competitors do”
Heavy regulation and compliance in the industry makes it difficult to be different, and yet...
A recent survey found that “74% of Insurance Companies surveyed reported that the use of information (including Big Data) and analytics was creating a competitive advantage for their organisation”
Yes, Insurance is changing and Big Data is a key enabler, but getting that advantage is proving elusive for many.
- Retention and Growth
- Resource optimisation
- Reducing the time to market with new services or updated pricing
- Pressure from new Insurance players using new business models driven by analytics
- Diverse data sources spread across legacy systems
- Incorporating and exploiting new data sources such as Social Media, Telematics, Geo-location, and more…..
- Building a holistic view of the customer
- Shortage of skilled analysts outside of the Actuarial and Risk teams
- Time to insight is compromised by a dependence on centralised IT teams
- Legacy tools that restrict the ability to collaborate quickly, within and across teams
- Agile insight driven by a self-service model
- A 360 degree view of the customer with Advanced Customer Segmentation
- Improved client Retention along with identifying new business opportunities with those clients
- Liability analysis and portfolio optimisation – yours and your clients.
- Improved customer service, as perceived by the customer.
- Claims triage and fraud analysis with advanced analytics
- The rapid incorporation of new data sources
- The marrying of Risk modelling and predictive analytics to deliver actionable insight at the business level