The insurance industry is data-driven. Data analytics plays a critical role in sales and distribution, fraud detection and prevention, and most importantly in underwriting, risk management, and claims processing. It also provides valuable customer behavior ideas for the insurers to benefit in strategic decision making. Insurance data analytics builds the guidelines for … [Read more...] about Insurance Data Analytics for Competitive Growth Standards
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Insurance Data Analytics for Better Decision Making
Data is a gold mine in the hands of insurers and using it the right way is what significantly changes the game of competition in the insurance industry. Some researchers predict that the power of Big Data in the insurance spectrum is yet to unleash itself in all its energy. Moving towards it, the insurance incumbents are finding ways to transition unstructured data into … [Read more...] about Insurance Data Analytics for Better Decision Making
Efficient Ways to Process Insurance Data Analytics through InsurTech
As an industry that works on the principles of data analysis, the insurance field is a game of big data. With the rising capabilities of data in the industry, incumbents are racing the limits of leveraging data accurately with better measures and competence. Since the stakes are high on the importance of insurance data analytics today to decide the leaders of the competition, … [Read more...] about Efficient Ways to Process Insurance Data Analytics through InsurTech
Blockchain Technology Could Disrupt The Insurance Industry
As technology advances, traditional financial assets like insurance policies will have to change if they want to compete in our world. Other financial sectors have embraced blockchain technology and cryptocurrencies while insurance lags behind ” leaving the industry saddled with expensive, inefficient processes. Customers and clients in the insurance world want to know how … [Read more...] about Blockchain Technology Could Disrupt The Insurance Industry
Improving Data Quality for the Insurance Industry Why and How
How does an insurance company determine who is and who isn't eligible for a policy? How do they decide on the premium that must be paid? How do they know which claims should be settled and which are fraudulent? The answers to all these questions can be unlocked using data. As we all know, insurance is a customer centric industry and highly dependent on data. It would be fair to … [Read more...] about Improving Data Quality for the Insurance Industry Why and How
