How Insurance Analytics is Developing the Industry

Information about How Insurance Analytics is Developing the Industry

Published on December 22, 2020

Author: suryachoudhary383

Source: authorstream.com

Content

Slide1: How Insurance Analytics is Developing the Industry? Table of Contents: Table of Contents 1 Introduction Changes Driven by Implementation of Insurance Analytics 2 Improves Risk Assessment Enhance Customer Services Streamlines Sales, Marketing, and Distribution Betters Customer Interaction 2 3 Conclusion Introduction: Introduction In insurance , data plays a crucial role. The leading insurance players are now investing in innovations and technology to reap the advantages of vast volumes of data gathered from different sources. They are utilizing insurance analytics tools to gain useful insights and improve business performance. Improves Risk Assessment : Improves Risk Assessment Data analytics help in personalized rate management and behavior policy pricing. It helps insurers price the insurance premium based on the likely behavior of categories and the actual behavior of the individuals. Enhance Customer Services : Enhance Customer Services It provides deep insights into customer behavior, preferences, and requirements. It helps insurers understand their customers in a better way. Streamlines Sales, Marketing, and Distribution : Streamlines Sales, Marketing, and Distribution Data Analytics helps insurers to capture different customer data points. It also helps companies identify reasons for attrition, analyze campaign effectiveness, and frame powerful and targeted market strategies. Betters Customer Interaction: Betters Customer Interaction It allows insurance providers to integrate customer portals to social media accounts and ensures better connectivity. It even assists companies to investigate fraud by comparing the social media activity of insurers with claims records. Conclusion: Insurance Analytics and other disruptive technologies have modified the business context and the whole insurance product portfolio. It has helped insurance players improve and personalize the customer experience. Conclusion Slide10: 10 10 READ MORE CLICK HERE

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