In an industry that is by its very nature unpredictable, business intelligence can give the insurance industry a valuable advantage. Insurers collect large volumes of granular data about their policies, policyholders, risks and claims history. These data sets are often stored in multiple systems including ERPs, CRMs, and specialist systems for underwriting, risk management, claims management or regulatory compliance.
Using BI solutions, insurance companies can easily collate and manage all this information in a single platform. Business intelligence for insurance enables them to extract insights from the data and make better informed decisions. This can boost insurance company revenue, profitability and market competitiveness.
Insurers are often focused on understanding their customers in order to tailor their products and services to their needs. This customer-centric approach is a priority for many insurers and it can be enhanced with the help of business intelligence tools. In addition to creating new products to suit a specific demographic, business intelligence also makes it easier to communicate with existing policyholders and increase their loyalty.
Insurance companies need to be able to quickly identify and react to changes in their industry. By analyzing past trends and current market conditions, a business can make decisions that improve their performance in difficult economic circumstances. Business intelligence allows this to happen in real-time, giving insurance companies an edge over their competitors.
With a growing emphasis on digital customer engagement, insurance companies need to offer an online experience that is easy for their customers to use and navigate. With the right BI solution, it is possible for insurance companies to integrate their business intelligence with online portals and allow their policyholders to access information on any device. This increases the efficiency of the sales and service functions while boosting customer satisfaction.
When it comes to underwriting, insurance BI can enable better decision-making by providing a clear picture of the entire underwriting process in the form of data visualizations. This can highlight key details such as the number of policies being sold, premiums collected, or loss ratios. It can also highlight bottlenecks in the process and indicate areas for improvement.
Insurance BI can also help to detect fraud by looking for patterns in the data. For example, if an insurance company notices that the same address is being targeted for fraudulent claims repeatedly, they can take steps to prevent this. The system can also analyze customer support call center data to find patterns in how customers ask questions and deal with common problems.
The insurance BI ecosystem is full of potential benefits, from improving underwriting and claims processing to increasing cross-selling rates and customer retention. However, a successful implementation of this technology requires an expert team. This is where Cobit Solutions can help. Our experience, expertise and market presence have resulted in around 100 dedicated business intelligence projects successfully executed for the insurance industry. To learn more about how Cobit Solutions can transform your insurance business, get in touch with our experts today.
