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Enabling insurers to leverage data and analytics to create a customer-focused enterprise while maintaining the required oversight to succeed.

 

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Increase retention, optimize claims, and improve risk management.

Insurers must transform to be competitive as policyholders demand real-time access to more diverse and instant insurance services than ever before. To win in this dynamic environment, insurers must focus on optimizing the customer experience in order to retain highly valuable policyholders. Find out how Analytics for Insurance can enable insurers to leverage data and analytics to create a customer-focused enterprise while maintaining the required oversight to succeed.

Business analytics solutions help insurers address challenges in three key areas:

  • Create a Customer-focused Enterprise
  • Increase Flexibility and Streamline Operations
  • Optimize Enterprise Risk Management

Next steps

Contact us today to learn how to harness the power of Business Analytics in your organization – you can complete the form  or call us at 877-454-4898, and we would be delighted to consult with you and make specific recommendations.

IBM Business Analytics solutions for Insurance

Create a Customer-focused Enterprise

Data and analytics are changing the whole dynamics of how an insurer engages with their intermediaries and policyholders today. It enables a more complete view of a customer allowing insurers to provide in-context offers and a customized customer service support to improve customer satisfaction level.

  • Customer Retention, Cross-Sell and Up-Sell Analytics. Predictive Analytics helps insurers identify whether a customer is at retention risk as well as, the correct action to mitigate that risk. Identifying this risk can take place during the policyholder's interaction with an agent, mobile solution, website or call center representative.

    Cognos Analytics can determine the likelihood that a customer will switch to a competitor, allowing time to identify the next best action for retaining the customer. Timely and appropriate actions can significantly improve customer satisfaction and help retain valuable policyholders.

  • Distribution Optimization. Sales Performance Management can help make producers smarter about their customers, so they can anticipate customer needs more effectively and help retain business. Analytics allow for the matching of producers and customers to drive more business, help carriers maintain wallet share and reduce policy exchanges or cancellations.

Increase Flexibility and Streamline Operations

Fast track claims and reduce reserve requirements by predicting the complexity, severity and likelihood of fraud, and give executives a clear view of business and financial performance.

  • Claims Optimization and Fraud Prevention. The claims process is often stressful to the insured, so creating a positive interaction can play a critical role in customer retention. During the claims process, insurers want to pay legitimate claims quickly and efficiently investigate claims when required. Learn more about how IBM Analytics can help you counter insurance fraud.
  • Underwriting Optimization. IBM Watson Analytics is changing the game in this arena by combining text analytics, business rules and predictive capabilities to machine-read solutions and their attachments, by developing a bind propensity score and by ranking the submissions accordingly.

Optimize Enterprise Risk Management

Data and analytics allow carriers to handle the volume, velocity and variety of data available today that help to predict losses and their severity while enabling insight into appropriate response planning.

  • Catastrophe Insight and Response How an insurer helps its policyholders prepare for and recover from a catastrophic event is key to the customer experience. Learn more about how IBM Watson Analytics can help you use analytics to gain insight into catastrophic events and response planning.
  • Financial Performance Management. Understanding the drivers of profitability is essential for any business. IBM provides insurers with the capability to develop and optimize their planning, budgeting and forecasting capabilities including dynamic modeling and what if scenarios across the enterprise including pricing, underwriting, claims, productivity, campaign effectiveness and many more.
  • Risk Management and Compliance. Increasingly, insurance organizations want to make decisions that are influenced by their risk appetite, and they need to look at data and analytics tools to identify correlations to predict risk and business outcomes. Learn more about how IBM OpenPages can drive strong risk management and compliance programs in your organization.

Next steps

Contact us today to learn how to harness the power of Business Analytics in your organization – you can complete the form  or call us at 877-454-4898, and we would be delighted to consult with you and make specific recommendations.

Case Studies

White Papers

Demos

Data Sheets

Next steps

Contact us today to learn how to harness the power of Business Analytics in your organization – you can complete the form  or call us at 877-454-4898, and we would be delighted to consult with you and make specific recommendations.