As an Insurance provider, identifying a customers needs, and addressing them would put you on a path to success.
Insurance policies are not the only thing a customer looks for anymore. Payment security, notifications, alerts, reminders, prevention of fraud and much more helps to build a relationship and make transactions easy for a customer.
Do you have hundreds, thousands or even millions of rows of granular data surrounding factors such as policies, policyholders, risk assessments and claims histories?
Is this data stored and used to build your business every day?
Collate information from a multitude of sources ranging from ERPs and CRMs, to more specialist claims management software and risk management information systems. Analyze and unearth insights which end users can use to help widen customer base.
Transform data into business value, driving down loss ratio faster than the competition.
Identify patterns that could lead to fraud detection and set up automated alerts to spot them quickly. Create customized metrics and monitor average cost or average time to settle claims. Monitor your customer satisfaction and identify potential new business opportunities or risks to quickly act on them.
Visualize the impact of each decision and focus your efforts in the right direction.
Exquisite reports which will help you transform and analyse data and share all results on a single dashboard. Live, interactive desktop, mobile or gateway access to your important collated business data
Collate, analyse and share actionable insights.
Taking all that data from ‘somewhere’ and bringing it all together is a specialist’s job!
12.11 % of growth issues for insurance companies were linked to technology
Managing risk is the most important goal for insurance companies. But the amount of data and variables that go into insurance analytics is huge and needs tools and approaches that help insurance professionals to quickly identify trends and act on them.
Microsoft Power BI helps you analyze the health of your business, collaborate, and explore silos of data to build robust, reusable models
Power BI helps insurance analysts to visualize claims, premiums, fraud, sales and customer satisfaction data with ease and in one place.
NIGO: Not In Good Condition IGO: In Good Condition
Power BI provides the right information, to the right people, in a timely manner, allowing employees to solve complex issues, react quickly to market trends and drive efficiencies throughout the business. In an industry that is so incredibly unpredictable, BI can bring in the much needed visibility to your business health and work to grow it via avenues which would have been else unknown to you.
To utilize Power BI to the maximum potential, draw the benefits of an analytical tool and deliver results for your business, it is important to open up access to BI tools and promote usage across the organization. Policy sales, risk appraisal, claims management or regulatory compliance, BI can open a wealth of opportunities which will bring about guaranteed benefits to your bottom line.