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 today’s competitive landscape.

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 customer’s:

Health history

Income

State of residence

Claims history

Reimbursements Other demographic information

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.