BUSINESS INTELLIGENCE FOR THE INSURANCE INDUSTRY (1)

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BUSINESS INTELLIGENCE FOR THE INSURANCE INDUSTRY
Insurers must meet many global challenges
head-on Business Intelligence for the Insurance
industry Emerging megatrends in this
fast-changing world, increasingly affected by
multiple global challenges, pose testing
challenges for the insurance industry. As
customers continue to demand an enhanced digital
experience, successful insurers will be those
that collaborate openly and shift their focus on
a new business model, technology solutions and
people, rather than anyone like in
isolation. Business Intelligence for insurance
is a crucial opportunity for key executives and
decision-makers across the organization to
leverage and make well-informed business
decisions to sustain and grow businesses in
todays competitive landscape.
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• Here are a few areas where if BI is leveraged
  will result in business growth.
• Business Intelligence in the Insurance Industry
  Boosts Data Storage
• Massive amounts of data need to be stored and
  analyzed by the insurance companies on a regular
  basis. In general, a healthcare insurance company
  collects the following information about a
  customers
• Health history
• Income
• State of residence
• Claims history
• Reimbursements Other demographic information

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• And this is just some of the data that the
  insurance company needs to consider before and
  after enrolling the customer in a plan.
• Insurance firms may have a popular ERP and CRM in
  place to manage all these process flows. Wherein
  there lacks a comprehensive platform that gathers
  all the data and gives out Insights that are
  considerable for crucial decision making by top
  executives.
• All the data sets need to be processed and
  analyzed properly in order to draw the right
  conclusions from it.
• Business intelligence in the insurance industry
  aligns the data storage process in the following
  ways
• Creating a data warehouse that keeps all your
  information in an optimized cloud platform and
  Data warehouse virtualization tools keep your
  data stored securely on a remote server.
• Access permissions can be managed across with
  BI portals which limit access to different types
  of data based on the authorization level of the
  user.
• Only claims adjusters have access to their
  assigned claims and financial reporters only have
  access to the financial data they need to make
  strategic decisions accordingly.

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• Insurance Companies Use BI to Generate Accurate
  Reports
• Business intelligence simplifies the report
  generation process for insurers. Even SMEs or
  startups must generate a wide range of reports,
  including
• Financial reports that track internal
  expenditures and profits generated from premiums.
• Operational reports that track staff
  productivity and workflows.
• Reports that visualize data and enable managers
  to make high-level decisions
• Firms need to perform exploratory data analysis,
  predictive modeling, statistical analysis, and
  other complex calculations to create these
  reports.
• You can leverage Technoverts expertise on this
  to grab out the most possible and critical
  insights with ease.

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BI Facilitates Predictive Modeling Apart from
storing data and generating reports, some
companies are using BI in more transformative
ways. Predictive analysis is one of the most
unique benefits, and it will likely become the
new industry-wide standard in the next few
years. Machine-learning algorithms use past
insurance claims to predict customer behavior and
incidents of fraud. These predictive models are
above the actuarial models currently used
throughout. Insurance companies also must
collect this data regularly to make the best
predictions. Moreover, the data can be outdated
or even inaccurate, especially if youre basing
predictions on self-reported customer
surveys. Artificial intelligence (AI) and
machine-learning models generate a specific
predictive score for every claim. The more
claims that an algorithm is fed, the more
accurate the scores become over time.
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• Insurance companies use this BI tool primarily
  for
• Underwriting risk
• Financial projection
• Product profitability models
• Benefits of Business Intelligence in the
  Insurance IndustryBusiness Intelligence has a
  wider adoption rate across the globe by
  businesses. Almost every industry and business
  function reaped the benefits of it and hence the
  same with the insurance industry. Companies that
  use BI service applications and tools have many
  advantages over those that dont, including
• Combat Fraud
• Build Efficiency into Claims Management
• Identify dark and hidden opportunities
• Better Enablement of Sales teams

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Summary Having access to business intelligence
and analytics is crucial for any insurance
company craving to succeed in this highly
competitive industry. The ability to turn large
volumes of raw data into actionable insights
showcases a significant value proposition for
these businesses. These insights can be
invaluable in terms of the endless opportunities
they can unearth across the business.
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About Technovert It all comes back to good
data. Weve got you covered for any data project
across verticals. Our comprehensive business
intelligence consulting? services?inclusive
of? PowerBI?solutions, Data Visualization,
Dashboard Design Development along with DBA
support services can help.  Our experts help you
to discover how to unlock the true potential of
the data and let you take the next step in
choosing the right tool and technology for any of
your data application.  Contact us or schedule a
call back to know more about how you can
transform your business.?