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09 Aug 2021

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BI in Insurance Industry |Insurance Data Visualization

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Home > Blog > Role of Business Intelligence in Insurance Industry 09 Aug 2021 We can help you build a comprehensive BI & data visualization solution that offers deep actionable insights into your work processes Team up with us to simplify your reporting & ad hoc analysis with the use of BI technology We use cookies We use cookies to improve your experience.

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9 Ways Insurance Companies Benefit from Business Intelligence

9 Benefits of BI for the Insurance Industry

Not only can better ways to work with business intelligence improve predictions for underwriting and risk management, but it can also provide a way to help serve customers, reduce fraud, and make better financial decisions. Take a moment to explore the benefits that business intelligence tools can provide for the insurance industry.

2. Customer Insights

Understanding the process customers use to make decisions can help insurance companies attract more new customers and keep current ones more loyal. For some examples:

Business intelligence tools can help extract and interpret data from such rich sources as social media and online shopping portals.

They also allow decision-makers to see which sales channels perform well and which ones struggle. This action will help determine if different performance stems from advertising, audience targeting, or the product.

Improved insights also help insurers personalize their products and messages to reach more people with timely, valuable outreach.

7. Cybersecurity

Along with fraud, cybersecurity threatens both insurance companies and their customers. One study from McAfee reported upon the discovery of hundreds of new threats every minute. While mobile devices and remote connections have helped improve productivity, they have also added another layer of risk, so the number of threats increases daily.

For example, The Insurance Journal reported that the cost of cybercrime to insurance and related financial services has increased by 40 percent in just the last three years. Without smart tools, the threat level would surpass the ability of even the most skilled cybersecurity experts.

According to these security experts, teams can use business intelligence platforms to rapidly uncover weaknesses and expose threats, as much as fraud prevention intelligence can do to detect potential fraud.

9. Centralized Data Access

Insurance companies rely upon information that comes from a variety of diverse, disparate sources. Some examples include individual customer information, market demographics, and even environmental data. They also need to keep up with changing regulations and even the actions of their competitors.

Meanwhile, this reliance on various information sources forces some carriers to use such disparate data silos as spreadsheets, CRMs, website analytics, and perhaps even filing cabinets. Often data from multiple sources relate to each other. Still, information scientists without the right tools have to face the time-consuming and error-prone challenge of manually collecting and collating the information they need.

A modern business intelligence system will include features to enable data aggregation and collation from any electronic datasets. Once the analyst points at datasets and defines rules, the system can automatically keep this data updated and current. To make full use of this software, any paper files will need to be scanned and stored inside an information system.

How Wyn Enterprise Serves the Insurance Industry

Insurance companies have an established history of relying on information and analysis to serve both themselves and their customers. As such, they need customers, partners, and investors to see them as leaders in innovation to improve customer satisfaction, efficiency, and of course, their readiness for an uncertain future.

Since insurers collect information from many sources, they need to use a business intelligence platform like Wyn Enterprise because it can gather relevant information in a central repository. Once stored centrally, technical (and non-technical) users can operate one intuitive interface to identify trends. These insights enable decisions to improve sales and customer satisfaction, manage risks, and identify new opportunities.

This analytics, data visualization, and decision-making tool can provide insights to empower marketing, claims processing, underwriting, product development, and other aspects of an insurance business. Wyn Enterprise also allows users to set roles that conform to data governance policies and provide people with various security levels different sets of data. With built-in, end-to-end security, the system will keep valuable data protected and comply with privacy regulations.

About the author

Marilyn Katz

With a degree in statistics and operations management from UT at Austin, Marilyn worked in information systems management for over 20 years, with several years spent in the insurance industry as a producer, marketer, and customer insights analyst. She now works as a technology journalist, keeping abreast of industry trends.

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9 Ways Insurance Companies Benefit from Business Intelligence | Wyn-Enterprise

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9 Ways Insurance Companies Benefit from Business Intelligence 9 Benefits of BI for the Insurance Industry Not only can better ways to work with business intelligence improve predictions for underwriting and risk management, but it can also provide a way to help serve customers, reduce fraud, and make better financial decisions.

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While there are countless data analytics programs out there - each touting their own benefits and capabilities - all of these systems fall under one comprehensive data umbrella that insurers should know about and utilise. This is business intelligence.

With business intelligence, all organisational data is translated into reports, metrics, and trends that are used to inform all facets of business decision making. There's so much more to BI than just generating reports and processing data. In insurance business intelligence, there are industry-specific functions that are being transformed, giving carriers a new leg-up in an ever-crowded market.

This blog focuses on eight ways business intelligence is transforming the insurance ecosystem.

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Eight ways business intelligence is transforming the insurance ecosystem

# data[].attributes.attachment_link.description
While there are countless data analytics programs out there - each touting their own benefits and capabilities - all of these systems fall under one comprehensive data umbrella that insurers should know about and utilise. This is business intelligence.

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Don't miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment

Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com

Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

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# data[].attributes.attachment_link.title
8 ways business intelligence is transforming the insurance ecosystem | PropertyCasualty360

# data[].attributes.attachment_link.description
Don't miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now! Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events Already have an account?

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7 Ways Insurance Companies Can Benefit From Business Intelligence

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With business intelligence tools, insurers will be able to harness the power of their data and analytics to effectively innovate and serve their customers better. Learn the 7 ways BI can help insurers take their business to the next level.