How Business Intelligence Can Benefit The Insurance Industry
- Posted by agrAdminEGG
- On August 12, 2020
Although most insurance companies collect data from their customers, most are not using it to establish data driven decision-making processes. Most still use spreadsheets that return simple KPIs or complex indexes that analysts need to interpret or manipulate. However, even those insurance companies that invest heavily in data warehouse, analytics, and business intelligence platforms, most times are not aware that these alone cannot give them full visibility on their trends, claims, and customer preferences.
In the insurance sector, to really benefit from business intelligence, it is vital to plan data analysis strategies effectively. This will enable your company to extrapolate ready-to-use information and obtain your desired result. Is your objective being able to have a real-time analysis of your performance? Do you need intuitively readable data that can be accessed by anyone, from insurers to top management? We have the answer for you. Today we are going to talk about how you can achieve better business results with one simple tool.
How to Prepare your Data
Before you can use business intelligence, whether it is for insurance or not, you will need to polish your data. A lot of the data you have collected over time might be in different forms and various types. For example, it can be stored in excel sheets or in a PDF, a report, or even a video. However, business intelligence tools would struggle with this data because the software would not be able to understand it.
That is why, the first step is to think about how you want to organize and store your data. Firstly, you will need to establish a precise line of future data acquisition in order to facilitate the new additions. Secondly, you should “translate” all the data you previously collected and add it to your new system. After these two steps, your business intelligence should be ready for your insurance company to use.
However, at Prodigys, we are well aware of the difficulties that can arise from this process. Included in the price of AgrEGG, we offer our expertise to help you make the right decisions. Thanks to our knowledge of the insurance market, we will easily guide you through your business intelligence journey.
How to Plan your Dashboard
To get the most from business intelligence, you need to know what to priorities. What is it that you want to visualize? How can you visualize it in the most intuitive way? What is the right data to use in order to achieve all this?
One of the main issues for insurance companies is that they often need complex KPIs to get this information. This means that before decision making can happen, indices must eventually be manipulated by the analytics team. However, it does not end here. For instance, you also need to identify and implement the best drills down to turn complex data into “ready-to-use” information. These measures, if taken in advance, will prevent you to go through that extra step with your analytics team. Which can be easily translated in lower efficiency and a waste of useful resources.
To overcome this problem, we provide appropriate guidance and early advice to optimize your analysis processes. With AgrEGG, you get a full package and there will be no need to involve extra resources in the process.
Business Intelligence For Insurance Companies: Machine Learning.
Case Study: Health Insurance.
In all sectors, the possibility of using machine learning algorithms and business intelligence brings a series of undeniable advantages. In particular, insurance companies are normally interested in identifying insights, forecasting trends, managing claims, and supporting their agents by improving their customers services.
One of the most striking cases are health insurance campaigns. In this case, we see that the benefit is mutual, both for insurance agencies and policyholders. Thanks to the analysis of large quantities of data, it is possible to understand customers’ preferences. Starting from this data, you can then build an effective strategy to adapt each product to its target. At that point, you could also build preventive campaigns to engage with your customers and encourage them to follow a healthy lifestyle and to take care of their well-being.
As a result, the health of your customers will improve and your insurance company will save financial resources. If you are interested in this type of approach, get in touch with us!
Looking at the Future
Most of the top insurers are already adopting business intelligence tools with built-in machine learning algorithms. However, we believe that this is not enough. The technological progress and the collaboration between artificial intelligence and data analysis will leave space for growth in various sectors.
With a focus on insurance, we expect that business intelligence tools and other smart systems will be used even more. You can support your marketing team, the management of claims and frauds, predict your customers’ behavior, and engage with directly with them.
It is only by looking at the future that companies will continue to ride the wave and to be competitive in their sector.
Prodigys Technology has many years of experience with major insurance companies. Our experts know their needs thoroughly and our business intelligence tool offers the best user experience. But you don’t have to believe us, look at our reviews on PeerInsight.
We can develop ad hoc features that are client specific. Our consultants will be able to help you to design and implement the data analysis processes you always needed. You will also have the opportunity to take advantage of our machine learning algorithms to have your own predictive processes and design the best operational, sales, and marketing strategies.
With AgrEGG you don’t just buy a tool, but also our professional knowledge in a very competitive field like that of insurance.
Don’t settle for anything less than the best. Choose AgrEGG.
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