Smarter Labor and Finance

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Big data brings positive outcomes such as enhanced customer experience, innovative products and better risk management leading the insurance industry to make better strategic decisions.

Automation

With the help of machine learning which trains data to improve algorithms and of course predictive analysis, insurers can save a vast amount of time and money.

Customer Experience

Insurers now build personalized offers to their customers based on their preferences and behavioral data as well as offering them innovative services that streamline the purchase process.

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Marketing

After gaining a full understanding of customer behavior, insurance companies became more efficient in offering targeted products and services by offering personalized services and products such as lower priced premiums , contacting the customer for special offers.

Customer Insights

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Gaining customer insight with big data analytics not only provides predictions about when a customer is likely to leave, or shapes a customer’s policy;  it can also help insurers to develop trusted relationships and engage customers in the right way with the accurate information. 

Risk Assessment

One of the most important uses for insurers is determining policy premiums to track their customers in order to predict and calculate risks.

By using predictive modeling, the insurers can identify whether the drivers are likely to be involved in an accident, or have their car stolen, by combining their behavioral data with the exogenous factors such as road conditions or safe neighborhoods.

Fraud Detection

Insurers use Big Data to improve fraud detection and criminal activity through data management and predictive modeling.  They match the variables in every claim against the profiles of past claims which were fraudulent so that when there is a match, the claim is pinned for further investigation.