Insurance

To be ahead in competition, insurance companies must have insight into every facet of their business. To maximize profitability and returns, they need a comprehensive view across claims, customer service, workforce and performance management, in order to make right decisions on time. To maintain profitability, insurers need to be able to manage conflicting priorities, tackle compliance issues quickly, maximize operational efficiency, growth, and product offerings, and serve customers more effectively than the competition.

Insurance companies utilize business intelligence to enhance customer service, optimize marketing strategies and evaluate risk vs. exposure more accurately and quickly.

Agent Performance Analysis

• Agent Performance Analysis to identify cost saving opportunity and increase yields that helps to identify agents having the highest customer retention rates.
• Strengthen service channels with comprehensive reporting for agents and third-party service providers

Customer Analysis

• Isolate customers whose policies are due to expire and convert them to long term policies to ensure ongoing revenue.
• Forecast portfolio performance scientifically considering economic variables such as interest rates, market sentiments, etc.
• Decrease the lapse ratio of a portfolio by identifying trends in customer segments that tend to terminate policies

Claim Processing and Operations

• Monitor claims by geographic locations, business area, customer, product, type and handle to help scrutinize fake claims by identifying outliers. Identify and take corrective measures for inefficiencies.
• Deliver on time accurate information to policyholders, regulators and employees. Track and report claim performance.

Risk and Fraud Analysis

• Establish the optimal amount of reinsurance required in order to maximize revenue flow of incoming customer premiums and outgoing reinsurance premiums
• Accurately conduct claim analysis on the client to establish the profitability of the customer and identify potential fraud.

Sales and Marketing Analysis

• Attract and retain sales agents by providing the information and analytical tools to better identify candidates for cross-selling and up-selling and to provide more specialized customer service
• Claims Reports, Service Request Status, Agent Portals, Real-time Policy and Account Status, Customer Profitability Projection, Risk Calculation

Some Key Analytics for Insurance:

Customer Marketing Segmentation, Buying Preferences, Geographical Buying Trends, Agent Coverage, Agent Performance Review, Agent Retention, Agent Attraction, and Exposure vs. Risk