New Insights, Reduced Risk
In a constantly changing regulatory and economic environment, how do insurance companies remain profitable, compliant and in touch with customers? If insurance companies’ data is scattered throughout their organization, there may be no single source of reliable information. Data integration provides the insight to drive insurance pricing and product decisions, ensure compliance with regulatory mandates, process insurance claims faster while detecting fraud, and communicate more effectively with insurance agents and customers. Reduce business risk with data-driven strategies that harness the power of your data.
Telematics – Opportunities, Challenges & Threats for Insurers
The Data-Driven Competitive Advantage
Insurance companies are faced with mountains of data, often stored in silos. The firms which incorporate robust data infrastructures to create a single view of their data are at a distinct competitive advantage over other insurance companies. Teradata solutions build agility and integrity into your data model, driving successful business outcomes throughout the organization.
- Data-Driven Marketing allows the insurance industry to profile and understand their customer base, leading to stronger relationships, better service, and enhanced customer communication
- Risk Management Analytics allows you to strategically detect and proactively mitigate market, operational and credit risk exposure across insurance product lines and territories
- Data-Driven Finance uses analysis of integrated data to accelerate decisions and leads to more efficient core financial processes for the insurance industry
- Insurance Claims and Fraud Analytics improves service and claim settlement times, reduces costs and identifies claims which might require fraud investigation
- Underwriting and Pricing Analytics efficiently segments risk and ensures your entire book of business follows the same pricing algorithm
- Customer Analytics allows you to develop the right insurance products by monitoring and understanding customer demographics
Learn more about Teradata’s Framework for Creating Next Generation Analytics for the Insurance Industry.
The Value of Customer-Centric Data for the Insurance Industry
A single, integrated view of your data enhances understanding of customer behavior and uncovers unmet insurance needs. Your ability to communicate is improved, leading to profitable interactions and new avenues for cost reduction and efficiency. In addition, insurance carriers with a full view of their data gain enterprise-wide insights into their marketing, sales channels, insurance claims, underwriting, finance, risk and compliance areas which increase customer retention and profitability.
Customer-centric carriers are able to:
- Enhance customer engagement by using targeted, needs-based, timely messaging across all channels
- Accurately measure the success of marketing activities
- Notify insurance agents to contact customers proactively to discuss claims, renewals, and changes to coverage and premiums, boosting retention
- Expand cross-sell and up-sell opportunities with consistent messaging across all products and channels, leading to increased revenue and reduced customer confusion
- Enhance claim processing efficiency to maintain customer satisfaction/retention, reduce fraud and control expenses
- Conduct in-depth analysis of customer demographics and life stage information, leading to better product development and more granular and holistic underwriting
Learn more about Data-Driven Strategies for Selling and Renewing More Insurance Policies