The application of insurance data analytics dates back to the very origin of the sector. Insurance agencies often calculate or predict the risks or opportunities before giving insurance policies.
In this article, we will explore how insurance data analytics benefits insurance agencies and why insurers must invest in the technology.Nowadays, insurance agencies generate tons of data. This data contains actionable insights, and insurance analytics is the best way to unlock them. Data analytics can help agencies with personalizing customer experiences and identifying and preventing fraud.
For example, consider that you are attempting to handle a case of insurance fraud. In such instances, with the use of insurance analytics, agencies can refer to the client's past information to envision suspicious patterns and factor them in when ascertaining the credibility of the insurance claim. Predictive analytics can be used for improving marketing efficiencies as well. It allows insurers to identify the appropriate market segment for their policies. They can use real data and insights to determine target market segments. Data analytics can also help in identifying the indications of customer dissatisfaction. This enables insurers to take proactive actions and improve customer retention.
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Source: Reuters - 🏆 2. / 97 Read more »