Business intelligence for insurance

Why business analyst is needed for insurance companies

In a highly competitive industry, insurance companies need a deeper understanding of the data in order to be able to get a holistic view of a company's performance. To increase efficiency and profitability, it is very important to make optimal management decisions.

To improve business profitability, insurance companies need to provide the right information to the right people in a timely manner. This will allow employees to solve difficult issues, quickly respond to market trends and improve the efficiency of all activities.

In such a complex and unpredictable industry, business analysts will be able to help understand and predict the dynamics of your business in the current market conditions.

Business intelligence for insurance. Problems

The problem for most insurance companies is not the data itself. In the process of long-term operating activities, as a rule, hundreds, thousands or even millions of lines of detailed data about all aspects of the insurance business are collected.

Large amounts of data describing such factors as insurance claims, risk assessments, claims history, payments, etc., will be stored somewhere in excel databases or spreadsheets and are unlikely to be effectively used for management decisions.

The main task of business analytics is the interpretation and comparison of information from various sources to transform it into a readable and understandable form, thanks to which the end user can actively extract information, make management decisions and track the consequences of such decisions

We offer basic solutions in the S2B BI insurance package

What the insurance company will receive in the basic package of S2B insurance:

Customer behavior

Probabilistic models with the help of which you can get answers to the following questions: when, where, what, how and with what probability the client will buy or not (prolong or not extend) the client, will the insured event come or not. Sales managers will be able to better control sales performance, highlighting the main areas of profitability and revealing potential growth opportunities.

Customer segmentation

- on loyalty to the company (how long and how often they use the services of the company). It will be useful for the formation of separate loyalty programs and promotional offers;

- on solvency. It will be useful for testing and introducing new products, partner sales, formation of pricing policies

- by profile. Creation of customer profiles (for example, to whom, how often and in what amount you have to make payments for insured events). Identification of the so-called unprofitable customers for the company;

Risk assessment

- risk assessment - determination of the probability of an error in the evaluation of the basic mathematical quantities characterizing the insurance portfolio;

- forecast risk - determination of the probability of a change in the forecast values (a significant deviation from the accepted error or a certain standard deviation);

- underwriting risk - determining the likelihood of losses due to the increase in insurer's liability due to the anti-selection risks. Optional.

Business solutions for retail (e-commerce)
Business intelligence for Banks

Related Posts

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Friday, 22 February 2019

Captcha Image

© 2015 Solutions to business. All Rights Reserved.