While the insurance industry is there to protect users from mishaps, the industry itself has little security. This is because of the short shelf-life of policies, letting users continuously hop brands. The industry has earned the title of being one of the least sticky. This is where business analytics is coming to the rescue. Its predictive capabilities are allowing customized offering to be put up for different kinds of customers. A dashboard is now available from where each customer’s profile can be checked against for the best possible policies. It is also helping in fraud prevention by doing a customer analysis from his/her social media feed, gauging the likelihood of the person committing such a fraud. A lot of insurance companies lose out on business due to under-pitching just to win customers. But data analysis algorithms detect key business intelligence to analyze the profitability of the offered policies and improve agent productivity. A cloud-based data-driven broken management system is needed to be developed which aggregates and visually presents information gleaned on real-time basis.

Source:https://www.analyticsinsight.net/how-analytics-insures-the-insurance-industry/

Uploaded Date:27 September 2018