Data is having a huge impact on the insurance industry. Insurers are using insights from analytics to develop products and services that meet specific customer needs based on data from social media and wearables, predict patient risk using Big Data analytics, and dramatically improve the accuracy and speed of fraud detection. In fact, about 50% of Insurers see data analytics as a technology that will have the most impact on the industry.
Fully realizing the value in all these data-driven technologies, however, will require insurance companies to eliminate their IT silos and modernize their legacy systems.
Yellowbrick is the ideal analytics and data warehouse platform for Insurers. Its industry standards-based architecture makes it easy for insurers to eliminate silos by integrating disparate data sources to a single platform. It also sets a foundation for a hybrid cloud architecture that can be deployed in the datacenter and/or the insurer’s chosen cloud provider. With Yellowbrick, insurers can achieve actionable insights to maximize customer value, reduce risk and exposure, and lower costs.
Example use cases for Yellowbrick in the Insurance industry include:
Maximizing customer value
Improving customer satisfaction
Insurers can enable customer self-service and providing support with insight into customer needs and problems.
Enhance underwriting and actuarial controlling with predictive analytics for detecting fraud and identifying customers with high claim probability or litigation propensity.
Improve institutional rating and risk assessment. Gain instant insight and early warning about risks for issues like tariffs and reserves for outstanding claims.
Identify high concentrations of exposure that were not possible previously. For example, exposure to disaster might include simultaneous claims for building insurance, business interruption insurance, and third-party claims. With Yellowbrick, you can run hundreds of thousands of simulations to quickly and accurately forecast exposure across far more areas.
Ensure compliance to internal and external information governance by consolidating multiple platforms into one.
Improve insight into competitors
Instant insight into competing solutions help insurers better focus marketing campaigns and to optimize product structuring, bundling, pricing, and selling strategy.
Optimize business across the board
Analyze real-time and deep historical data and enable ad hoc queries to:
Consolidate multiple data sources to a single platform and/or a hybrid cloud.
To learn how Yellowbrick can help your organization increase customer satisfaction, reduce risk and exposure, and cut costs, contact Yellowbrick.