The insurance sector is becoming more competitive and new operating models are coming into the spotlight. In a dynamic business environment, insurance payers must sustain their efforts in marketing and enrolment, building customer retention, and striking a balance between their profitability, purpose and perceived value.
When it comes to insurance claims processing, the challenges are multi-faceted – volume, accuracy, speed of processing, administrative costs and regulatory compliance all have a hand in improving customer satisfaction.
Increased competition and stringent regulations have created pressure on insurance companies to improve their products and enhance their operations. Customers are demanding more transparency in terms of product information and documentation and lesser time for claim disbursement. Insurance companies are facing fraudulent claims which are increasing at an alarming rate. This scenario has pushed companies to have a comprehensive insurance data analytics solution that can help them in proper pricing of their product, manage assets and reduce risk. Insurance companies are rife with data.
- This data is being generated from disparate systems such as claims management and call centers.
- Customer’s data through marketing channels and customer behavior.
- Insurance application forms and data from brokers or agents.
- The challenge here is how to empower leaders at various levels to use this data and make informed decisions.