In this world of technology business use big data analytics tools to manage data and operations of business. Insurance companies use modern data analysis to refine their business. There are some main functions of insurance that can be transformed by using big data consulting services.
Fraud Detection
Today there are many fraud solution available that become challenge for the insurance company. It is easy for the fraudsters to operate and get inside the rules of company. So fraud detection is the key function for the insurance industry to leads its business in the process of success. Insurance analytics solutions help in the fraud detection at the very early stage by using the combination of rule and data base search.
Sales and Distribution
Insurance companies provide all information to their agents that help them to make an informed decision while meeting with brokers or clients. Traditional methods are not so good to manage the requirements of sales team. BI services provide facility of mobile access to resource that really help to increase the productivity and revenue of business. That’s really help sales agents to understand their customers and to be more effective. Decisions regarding which account visit next become easy and access to real time information.
Underwriting and Claims Management
For insures claim process is expensive. So this must be efficient and effective as possible. Underwriters arrange the data from adjusters notes in the claim management database. So the accuracy of underwriter’s calculations is the main factor for the success of company. Insurance analytics solutions allow underwriters to handle the huge amount of data related to risk, fraud, market, customers etc. by mobile application adjusters can easily access information anywhere at any time.
Understanding of customers
Like other industries insurance industries face challenges of identifying the risks. If insurers not identify the risk than they have a chance to lose market share. Insurance analytics solutions assist insurers to understand their customers and attract most of the customer in order to increase market share.
Analytics solutions impact all industries but insurance industry is one of the adoption of the BI.