Changes Driven by Insurance Analytics

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Changes Driven by Insurance Analytics
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Table of Contents
1
Introduction
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4 Changes Driven by Insurance Analytics

• Improves Risk Scoring
• Design Customized Offerings
• Enhance Customer Service
• Streamline Sales, Marketing and Distribution

3
Conclusion
3
Introduction
Insurance industry heavily relies on data and
therefore, the use of Insurance Analytics is
rapidly increasing. There are various reasons
that contribute to the transformation of industry
and are shaping the new space. Here are the
following changes driven by introduction of
insurance analytics.
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4 Changes Driven by Insurance Analytics
Design Customized Offerings
Improves Risk Scoring
Streamline Sales, Marketing and Distribution
Enhance Customer Service
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Improves Risk Scoring
Predictive analytics in insurance industry helps
in better risk management, fraud detection, and
customized pricing. It has a direct impact on the
bottom line.
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Design Customized Offer
It helps insurers provide value-added insurance
products as they help gain more customer
attention and encourage more frequent touchpoints
with customers.
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Enhance Customer Services
Analytics helps insurance to process large
volumes of customer historical data to
effectively manage underwriting inspections,
assist customer service representatives in
settling claims in a short duration, and help
them to align with their customers.
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Streamline Sales, Marketing and Distribution
It assists 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.
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Conclusion
There is no doubt to the fact that insurance
analytics will continue to modify the business
context, processes, and the whole insurance
product portfolio. To optimize themselves for
this transformation, insurance companies will
have to become more agile and insightful by
investing in cutting edge technology and
applications.
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