Application of Advanced Analytics in Insurance Industry
September 1, 2021
Insurance companies globally are faced with new challenges such as unforeseeable disasters, greater customer expectations, soft markets, new approaches to distribution, regulatory compliance and consolidation. These challenges are leading insurance organizations to improve profitability by reducing the length of underwriting cycles, the claims lifecycle, by providing real-time quotes, on-the-spot claim settlement and customized offerings. These business requirements are driving IT to deliver faster capabilities and ***** ways to maintain and improve business performance metrics. However, insurers cannot achieve these objectives unless they have the means to develop useful information from the colossal amount of data they manage on a day-to-day basis.
The insurance market’s success relies on how accurately risk is assessed. Insurance providers need to organize, analyze, and convert disparate, unstructured data into more meaningful information as well as having a business intelligence platform with an appropriate set of key performance indicators (KPIs) aligned to their corporate strategy in order to measure, monitor and manage their business performance
