BI & Data Visualization in Insurance Industry
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Role of Business Intelligence in Insurance Industry

09 Aug 2021

For years, insurance professionals have relied on complex spreadsheets to stay compliant, analyze claims, address inquiries, and navigate customer profiling. However, accurate data reporting with conventional technologies is often tedious, time-consuming, and prone to errors.  Business intelligence accompanied by powerful data visualization capabilities can help insurers break free from the clutter of complicated worksheets and data silos while enabling informed decision-making.

We are witnessing a huge amount of investment being aimed at improving insurance business intelligence & analytics. Even research firm Gartner suggests the growing focus on data by insurance companies going forward. In case you missed our last installment on the power of analytics and how can it assist insurance companies with Big Data management & data visualization, do give it a read. It would help you point on how to refine the workflows, take smart decisions and deliver valuable customer experience.

As an insurance business, you must be collecting data for a long time. With BI, the organizations can store and analyze this information daily as it helps capture varied data points. For instance, it helps healthcare insurance companies to collect the following information about the customer;

  • Credit Health (past and present)
  • Claims record
  • Reimbursements input
  • Other demographic parameters such as income status, residential status, no. of dependents and more

Though this comes across as the basic data for consideration before and after enrolling the customer, it is a must for any insurance company today. And, it’s now time to experience your “Aha” moment with actionable insights for profitable decision-making from this input.

With that in mind, let’s explore the potential of business intelligence – specifically, why it’s the need of the hour & how the insurance industry can get huge gains from it.

Why Business Intelligence is Important for the Growth of Your Insurance Business

A BI platform supports every aspect of insurance data visualization – from operations and claims handling to sales and marketing. It analyzes a colossal amount of data and then enables the display of the same in a digestible format to facilitate informed decision-making.

The potential of BI in the insurance industry lies in the capacity to equip decision-makers with real-time access to actionable insights ranging from basic customer data to advanced analytics. Following are a few key areas where insurance companies can leverage it to achieve growth:

  • Extract data-driven insights to arrive at better business decisions regarding policies, covers, premiums, products risk management & more in real-time
  • Identify new income opportunities for cross-selling and upselling products as per current market conditions to better fulfill customer needs. It is along with potential risk and insurance portfolio exposures across offerings and lines of business
  • Track KPIs with instant alerts or push notifications every time information is changed concerning a specific performance indicator. And, uncover possible bottlenecks that may be affecting performance and optimize
  • Gain a 360° view of clients, their needs, behavior, and purchase preferences to customize products, attract new clients and retain the existing ones with timely outreach
  • Track insurance sales down to every individual agent’s performance
  • Enable underwriters with easy access to premium and loss ratios

Benefits of Business Intelligence in Insurance

The insurance industry experiences constant shifts, risks, and changes. Enabling BI software would help improve operational efficiency, increase profits, and enhanced customer satisfaction. It would further help mitigate risks, generate more sales, and create a competitive edge.

Listed below are some major benefits it would offer:

Benefits of BI and Data Visualization in the Insurance Industry

Reporting and Financial Projection

  • Help gather, analyze, and generate reports upon data in real-time
  • Automates report collation, generation & report distribution to ensure a smooth workflow
  • Enable spotting trends to alert decision-makers to make better decisions about investments, premiums, and other aspects of their business

Claims Management

  • A holistic view of claims processes (open, closed and more)
  • Easy access to customer profiles to draw inferences
  • Review claims history to expedite customer service

Customer Insights

  • Insights into customer persona
  • Allows decision-makers to assess which sales channels are performing well and which ones are struggling
  • Improved insights also help insurers personalize their products and messages to reach more people with timely, valuable outreach

Risk Management and Underwriting

  • Generate accurate predictions for managing risk and underwriting loss
  • Improve claims handling, fraud detection, and claimant correlation
  • Assists insurance companies to enable customers to avoid claims scenario

Centralized Data Access

  • Integrated data & information across a variety of diverse, disparate sources
  • Help keep up with changing regulations and even against the actions taken by competition
  • Enable data aggregation and collation across any electronic datasets

In Pursuit of Making Effective Data-driven Decisions?

We can help you build a comprehensive BI & data visualization solution that offers deep actionable insights into your work processes

BI reporting in insurance includes a wide variety of applications, tools, and techniques that enable insurance service providers to collect business data from both internal and external sources. Employees can then segregate it for analysis, run queries against the data, and generate reports and real-time dashboards to extract action points to reduce costs, mitigate risk, optimize processes and increase revenue.

The dynamic nature of the insurance sector necessitates the analysis of data for informed decision-making, adapting to market changes as fast as possible, and sustaining during tough market conditions.

Take a look at how Rishabh Software helped international insurance companies reinvent their business solutions for better outcomes.

Use Case of Business Intelligence & Data Visualization in Insurance Vertical

How an ECM Portal Enabled a Netherlands-based Insurer to Improve Customer Relations & Operational Efficiencies

A leading service provider of health insurance, car insurance, and international insurance, serving more than 7 million clients worldwide was suffering due to a heavily underperforming website with several bottlenecks.

Their key challenges were:

  • No collaboration between document development & delivery
  • Lack of a centralized content repository for efficient management of various policies & legal documents
  • Customers having no access to insurance information
  • High costs being incurred for managing & maintaining the existing website

We redesigned their existing solution into an easy-to-navigate enterprise content management portal that offers real-time visualization of end-to-end information about insurance services. This enabled the client to ensure seamless assistance to insured policyholders, travelers, seniors, and lease drivers.

Business benefits:

  • Enhanced productivity with automated operations
  • A unified repository with secure and easy access to insurance data
  • Eliminated bottlenecks in business operations
  • Improved customer retention along with higher operational efficiency across touchpoints

Why Choose Rishabh for Implementing BI in Insurance Industry

Our well-versed team has the know-how of the operational understanding of the insurance business. Rishabh’s comprehensive service portfolio is specifically tailored to help customers manage all possible workflows.

We provide end-to-end visibility into all crucial KPIs for the timely and efficient achievement of policy targets. It is by integrating the data resources and utilizing the powerful capabilities of BI.

The data management needs of insurers are vast, complex, and diverse.

Rishabh has it covered for any data management project with our personalized and full range of BI services for businesses of any size or domain. that include Power BI solutions, dashboard development, data visualization, data migration, and automated data aggregation using OLAP engines.

Our team can help develop custom insurance dashboards that serve as a centralized source of data lying in disparate systems while providing a unified framework for key decision-makers.

Listed are some of the essentials that an intelligent dashboard offer;

Claims Analysis

Provides a complete snapshot of insurance claims along with their KPIs and enables tracking:

  • The number of claims received in a month/year along with the amount
  • An accurate comparison of received claims – current vs previous months
  • Average claim settlement timeline/ scenario with a cost matrix

Claimant Correlation & Fraud Analysis

Enables keeping a check on the volume and value of the potentially fraudulent activity. You can extract insights about client behavior who resort to fraudulent actions by:

  • Complete trail of their demographic data and made transactions
  • Setting up tools and mechanisms in process for an early alert system
  • Implementation of algorithms and models to estimate the loss due to possible frauds

Highest Claim Loss vs. Premiums

Offers detailed insights into premiums charged and losses incurred along with an aggregated view of existing policies. The dashboard can facilitate informed decisions with;

  • Policies in force and number of policyholders
  • The value of premiums ($)
  • Analysis of loss incurred based on region & line of business
  • Location map for premiums
  • Company performance & variance report

Call Center & Claim Data Sheet

Provides the option to boost efficiency levels of call centers that manage claim settlement. Having granular level visibility enables;

  • Identify the regions that are closing claims on target
  • Ensure that the claims process gets closed promptly
  • Track claims handling duration across stages
  • Monitor the performance of claims managers ( target vs achieved) with inputs on underperforming employees
  • Improve customer experiences

Only proper data management enables operational efficiency and accurate decision-making. Our data services are tailored to free you from labor-intensive data integration, organization & storage while opening up new avenues for digitalization initiatives. We custom design robust and reliable data management frameworks that ensure accurate reporting for knowledge-led business decisions.

Power BI Insurance Dashboards – For Smart Decision Making

While there exist a variety of off-the-shelf dashboarding tools, we utilize the intuitive capabilities of PowerBI to help organizations from insurance and other sectors with scalable data analytics, and visualizations.

Our team has a detailed understanding of business intelligence in insurance within & out knowledge of how to create powerful models, semantic layers of the application and how to control the input with the optimal use of DAX measure calculations using Microsoft’s DAX language.

Insurers need practical strategies to plan for ever-evolving consumer needs, their changing preferences, potential technological revolutions, and ongoing regulatory changes. Microsoft Power BI empowers insurance providers with all the essential tools to decisively collect, store, share, report, and use data and rapidly optimize performance.        

Rishabh can help you harness the potential of business intelligence in insurance. Our proficient focus helps offer the companies more visibility with easy accessibility that enables teams to create a bigger impact on time and efforts.

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