Willis Towers Watson advanced analytics survey of U.S. P&C insurers’ attitudes states : -"three areas dominate insurers’ thinking: the customer experience; claim management; and applications of telematics data in pricing, customer selection and product design. That said, many companies are also targeting improvements in reserving, expense management and agency/broker management."
Analytics is the key to better decisions impacting customer satisfaction, costs, margins, efficiency and effectiveness. The study identifies the top three hurdles obstructing progress:-
- Infrastructure/Data warehouse constraints
- Data Accessibility/not easily integrated
- Information Services Bottlenecks
Fortunately there are answers. Insurers have found a key to unlocking unstructured and siloed data; 360Retrieve
Not only that, these tools are embedded with a world-leading Digital Customer Engagement Hub.
Too often,analytics is a standalone application. Unless roles and personas across the organisation have embedded dashboards, visualisations and reporting in their day-to-day enterprise apps the benefits odf analytiucs will be limited.
Insist on embedded MI & BI for everyone that needs the insights to make and execute better decisions.
Claim management Insurers also see huge unexplored potential for advanced analytics in claims. Key growth applications over the next two years are expected to be fraud prevention (82%) and triage to identify complex claims (80%), together with the evaluation of claims for both litigation and subrogation potential (Figure 1).