Digital Analytics in Insurance
Whether a business customer or an individual consumer, a customer in insurance has often been looked at as a “Policyholder” alone. Increasingly, customers expect to be seen as such across all their relationships, whether in Property and Casualty (P&C), Life, or Specialty Commercial. The primary motivation of financial providers is to help their customers achieve “Appropriate Returns” by balancing risks and rewards.
Additionally new digital devices such as the increasing prevalence of Internet of Things, IoT devices everywhere and ability to analyse vast quantities of data they generate and structured and unstructured data available across the world is driving a new data and analytics driven Insurance business model. New capabilities such as artificial intelligence are empowering more sophisticated analytic business models.Insurance is a data driven, actuarial and underwriter driven industry and appreciative of this new data driven world where evolving analytics techniques are transforming customer, employee, and business partner / broker experiences.
NIIT Technologies enables acquisition of customer insights in the insurance domain through the following solutions, which help in effective management and interpretation of data:
- Exact: Exposure Management, Risk & GIS Analytics
- Acumen: Dashboarding & financial reporting
- Digital Foresight: Moving from customer insight to predictive digital foresight through combining internal and external data with world class tradecraft to deliver transformative business outcomes
- Next-Gen Analytics Insurance Models: Using ever burgeoning data to transform insurance relationships. Specialty insurers will install IoT devices in customer facilities and share data to reduce premiums and reinsurance risks, raising profits. Consumers will increasingly share device data in auto telematics and wearables to reduce insurance premiums and improve outcomes
The NIIT Technologies Advantage
- Market-leading Digital Foresight offering that combines internal and external data and predictive behavior trajectories to deliver business results
- Analytics and data solutions making customers, employees and business partners feel “cared for” and delivering transformational digital insurance outcomes including risk prediction, quote optimization, churn reduction, prospect targeting and revenue and profit maximization
- Service across Consumer P&C, Life, Auto, Annuity, Specialty, Commercial and Reinsurance sectors including our market leading Exact and Acumen applications.
- Deep expertise in core applications that underpin insurance business
- Partnerships and experience with many of the leading analytics platforms
- Managed analytics and technology assistance
- Agility, cost, and reliability