Data is the new currency of business and insurance companies are sitting on a metaphorical goldmine. However, many insurers aren’t able to realise the full potential of data and analytics because of the way they store, organise and manage data within the organisation.
Rather than having one common platform to hold and integrate existing and new data sources, they have various data repositories and different teams managing analytics functions. That means data surrounding policies, policyholders, risk assessments and claims histories, for example, becomes fragmented, making it harder to extract value and make accurate data-driven decisions. Plus, their reliance on legacy systems prohibits them from easily sharing this information between departments. This results in inconsistent definitions of key terms and creates barriers towards seamless integration.
The solution to these challenges lies with implementing a coherent data and analytics strategy that uses a common platform to hold and integrate all of your existing and new data sources, as well as analytics tools.
Tia Business Intelligence (BI) makes this possible by giving you a holistic view of your data in one single portal, making it easier to process, analyse and interpret data. By collating data from ERPs, CRMs, specialist claims management software and risk management information systems, your data becomes centralised and easily digestible through intelligible, interactive and user-friendly KPI dashboards. This empowers your team to quickly derive valuable insights from big data and execute high-level strategic decisions with confidence.
Build efficiency into claims management: Tia Business Intelligence uses Microsoft BI software as a toolset which can be integrated with your customer relationship management (CRM) system. This enables your business to give claims’ handlers access to detailed customer profiles. Handlers can use these insights to review customers’ prior claims and deliver a more refined and personalised customer experience.
Identify profitable opportunities: Insurance companies rely on having agile and responsive sales teams. BI gives you the ability to base decisions on current insights and empowers your organisation to make more strategic business decisions.
Combat fraud: Fraud is prevalent in the insurance industry and preventing it relies on being able to detect it early enough. Business intelligence uses predictive analysis – “which combines artificial intelligence, machine learning, data mining, and predictive modelling” (Hitachi) — to identify fraudulent claims earlier in the claims cycle. Easy-to-understand visualisations make it easy for your team to identify suspicious patterns that signal fraudulent activity and set up automated alerts accordingly.
Part 1 – The importance of self-service and time-to-market
Part 2 – How boosting efficiency can improve the customer journey and cut costs