Data Analytics for Insurers

The changing customer behavior, digital disruption, regulatory pressures, and competitive marketplace are forcing insurers to refine their current strategy and operating models. The P&C insurers are facing various growth-related internal and external challenges that are keeping their executives on toes. From low-interest rates, soft pricing conditions to technology advancements, the expectations to deliver profitable and sustainable growth amidst this change are some of the hurdles the insurers are facing.

With Business Intelligence 4.0 that focuses on leveraging data to make an informed decision and gain competitive advantage. While data is an asset, data management is key to success. Insurers can leverage Associative engine of Qlik Sense to consolidate data from various sources and get actionable insights for loss mitigation, fine-tuning underwriting, personalizing products to enhance customer experience.

Insurance services

Effective Product design and fine-tune Marketing:

Data Analytics allows Insurers understand propensity of customer product choices to target right customers appropriate product offerings. This enables optimizing product design and reduce marketing spend.

  • qlikview banking services
    Underwriting Accuracy: Predictive Risk Analysis provides excellent assessment of probable risk on various parameters, which underwriters can leverage for product feature design and accurate premium calculations. Risk premium modeling and Competitor rate monitoring helps achieve right balance in premium calculation.
  • qlikview banking
    Informed decisions on Policy Renewals: Loss Ratios Analysis on historical data provides excellent insights to determine the amount of premium increase needed and whether to renew the policy itself.
  • qlikview for banking
    Improved Claims Management: Better categorization of claims makes insurers separate, settle the simple cases faster and focus more time on analyzing complex cases for appropriate assessment.

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About Nous Infosystems

Nous Infosystems is a CMMi Level 5 SVC + SSD v1.3, ISO 9001:2008, and ISO/IEC 27001:2013 certified global Information Technology firm providing software solutions across a broad spectrum of industries. Major offerings include Digital Transformation, Application Development & Maintenance, Enterprise Application Integration, Product Engineering, Business Intelligence, Independent Testing and Infrastructure Management Services.

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