Insurance companies need to continually transform and adapt in order to be competitive within a rapidly changing market. Policyholders are demanding real-time access to diverse and instant insurance services more than ever before. To succeed, insurance businesses must focus on optimising the customer experience in order to retain highly valuable policyholders. At the same time they need to control costs, develop new products and offer competitive pricing.
Business Intelligence and Analytics can provide a single version of the truth. However, in order to do this a focus is needed on data quality, as well as collecting, storing, managing, and analysing this data effectively.
Predictive and Descriptive Analytics can be used for detecting fraud and risk patterns, supporting decisions and intercepting fraud as well as provide much needed insight and foresight to aid informed business decisions.