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Day by Day technology is getting advancements and becoming more and more feature rich to fulfill the growing demands of this era. Similar to other industries insurance agencies also need innovative too and services for conducting analysis and making decisions. Big data is the main issue in the insurance analytics too.
For insurers to stay competitive and one step ahead in the industry, they need to find modern and secure ways to harness flows of data from external data sources sources such as government and third party system/software, social media and the Internet of Things.
Insurers have been utilizing data and insurance analytics solutions to make underwriting good decisions, rate risks, losses prediction and management of the claims payouts. Traditionally, carriers depend on the data coming from their own sources, and on the structured data from various bureaus and agencies to make sound decisions. Now the game has changed, however, and this change is quite rapid. Insurers are realizing that they must imaginatively explore, mine and harness external data sources to remain competitive, to get new opportunities for growth and to bring improvements in the loss ratio.
The flood of this external Big data is transforming the way insurers evaluate and price risk as well as the way they collaborate with customers, transact business, and design products and services. This data is coming from heterogeneous sources such as:
Government databases and third-party databases that have got digitization and made available to the public and social media.
Comments,reviews and discussion going on social media
The Internet of Things, in the form of data source getting and merging information automobiles, input from homes connected to internet and contact info coming from call centers and companies’ websites.
This gambling information can help insures to identify and act upon the hidden insights into this sea of data. Here Insurance Analytics comes into scene and open door for new business models.
With this analytics insures can see dramatic changes in the way they used to market, price and product delivery. It is estimated that you can increase the profitability between 16 and 21 combined ratio points with the Insurance Analytics Solutions.
Alrasmyat help the insurers to get ready to use the harnessing external data to incline the profitability and productivity with efficiency. It can help to anticipate and prevent losses with real-time control and monitoring and increase sales via more sophisticated strategies to prevent losses.
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