Unveiling the True Potential of Insurance Analytics | Read Quantzig’s New Article to Know More
LONDON--(BUSINESS WIRE)--Apr 5, 2019--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their new article on the importance of insurance analytics. With the growing customer expectations and burgeoning challenges, insurance companies cannot ignore the value of insurance analytics. Insurance analytics can help companies to build optimized business models that can help in enhancing services, sales, and marketing. Additionally, by leveraging insurance analytics solutions, insurance companies can make significant improvements in the development of new products and in their management processes as a whole.
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Unveiling the true potential of insurance analytics (Graphic: Business Wire)
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Benefits of insurance analytics:
Prevents fraud and reduces waste
Insurance analytics can prevent the insurance companies from fraudulent activities by offering valuable insights into policyholder’s data and helping to identify who is most likely to commit the fraud before it actually happens. Insurance companies can analyze such data in real-time with the help of analytics and check if a policyholder is engaging in suspicious activity.
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Assists self-servicing of policies
Self-servicing, a new normal in the era of technological advancements can help insurance companies in improving customer service. By leveraging insurance analytics, companies can come up with a dashboard for policyholders where they can monitor their own policies and manage everything from finding the right policy to making a claim all from one place. Consequently, this can help in improving retention rates and make customers happy.
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Improves premium pricing
The accuracy of data is one of the major concerns of insurance companies while pricing premiums. Inaccuracy in datasets makes it difficult for insurance companies to predict individual incidents. This is where insurance analytics can help. By leveraging insurance analytics solutions, companies in the insurance sector can keep a close watch on the behavior of individual policyholders. This can help them in pricing policies and premiums accordingly. Want to know more? Read the complete articlehere.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit:https://www.quantzig.com/request-for-proposal
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PUB: 04/05/2019 12:17 PM/DISC: 04/05/2019 12:18 PM