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Big data can come to the aid of the insurance industry to help them sort through information and use it to their advantage.
How is BIG DATA useful?
Big data can come to the aid of the insurance industry to help them sort through information and use it to their advantage.
Can BIG DATA deliver?
BenefitsBig Data has a wide range of benefits to offer to the insurance industry.
Fraud DetectionData analytics tools such as text mining, database searches, modeling, and exception reporting can be effectively used in combination with regulatory practices to identify fraudulent claims faster.
With the text-mining tool, large volumes of text can be quickly processed to identify potential subrogation situations and prompt action can be initiated saving the insurer a good deal in claims.
Enforce Subrogation
Settlement Insurers are hard pressed for time
and small claims are often settled without probing too deeply into the facts of the case.
Big data analytics can be effectively used to analyze claims.
Fund BalancingTrending and predictive analytic tools can help insurers make informed judgments about fund balancing and optimization.
Litigation CostsPredictive analysis using big data analytics can help insurers identify difficult cases and assign them to experienced people who can possibly settle the claim for lower amounts without going to court.
Underwriting Data can be directly obtained from the
proposer in digital form, thus eliminating human error in underwriting.
Calculations can be automated so that the underwriter is presented with data in the format that he requires.
Premium Rate MonitoringBig data can help the insurer perform calculations quickly and conduct analysis to predict future premium rates.
Customer SegmentationWith big data analytics, insurers will be better able to group their customers and calculate risk-base premiums.
Value Added ServiceBig data insights can help you decide your value added services to be offered to loyal customers.
To sum upIn order to attract and sustain customers, business intelligence and data analytics can help the insurance industry gain in their business and this translates directly into increased ROI.
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Suyati provides marketing technology and integration services for companies that wish to combine the best of breed solutions and create a unified approach to customer acquisition. This unified digital marketing approach requires system integration between various CMS and CRM platforms, and a slew of eCommerce, Marketing Automation, Social Media Listening, email and social marketing, and customer service systems. Our specialized knowledge in Salesforce, open source and .Net based systems enables us to build effective custom integrated solutions for our clients.
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