The insurance industry has gone through many changes in the past few years. The interaction between insurers and customers has changed a great deal and strong competition is forcing insurers to take quick steps in building closer ties with their customers. There are many business intelligence tools out there which work great for insurers and can help them bring out significant changes to their bottom line.
Various business intelligence tools provide sourcing, collection and analysis of information and some of the key factors which drive the BI solution for an insurer are:
Competition from Banks: – Banks are new players in the insurance field and they take away huge amount of business from both the personal and commercial space.
Customer Centric Market: – Earlier the insurance industry was dependent on a product centric approach but nowadays it has been converted into customer centric products and with pricing to suit the heterogeneous needs of the customers.
Mergers and Acquisition: – When two insurers are merged, it is essential to have an unified view of the customer data of both the companies for better utilization of assets.
The essence of the BI solution is to provide insights on the data which will help insurers bring a better and more valuable understanding of the data which they possess. The data will draw results in terms of cross selling and more once the customer is understood better.
A BI solution can provide a means to monitor everyday activity for quick decision making and corrections along with many other needs of insurers:
Power BI in the insurance sector provides the right information, to the right people, in a timely manner, allowing employees to solve complex issues, react quickly to market trends and drive efficiencies throughout the business. In an industry that is so incredibly unpredictable, BI can bring in the much needed visibility to your business health and work to grow it via avenues which would have been else unknown to you.
A data warehousing and analytics engineer experienced in working with Qlikview, Qliksense and PowerBI reporting tools. Table tennis and music take up the rest of my day usually.