Transforming the Insurance Industry Using Business Intelligence

The use of Business Intelligence tools and applications to develop one’s business is not a new idea or concept. Well, in fact, the phrase “Business Intelligence” goes back to the 19th century when the term was first used to describe the way a financier had been tricked by competitors who used knowledge and philosophy of the market to play it right. Surely, we’re now operating from a more modern understanding of the term: BI, as we use it today, is based on technologies, applications, and practices that collect, integrate, and analyze business data with the intention of making data-driven business decisions and arrangements.

 Business Intelligence for Insurance Companies

Regarding such a competitive industry, insurance companies need more efficient insights to be ready to earn a more integrated view of business performance. In order to increase the ability and expand profitability, it is crucial for everyone in the business to make the optimum decisions,  and in order to do this, they need the right data. 

For the Return on Investment (ROI) improvement of Business Intelligence, insurance companies need to administer accurate information, to the right people, in an appropriate manner. This allows employees to figure out complicated issues, react faster to market trends, directions, and drive capabilities and efficiencies throughout the business.

In an industry that is insanely unpredictable and hard to explain,  Business Intelligence can make things that little more understandable by helping people understand changes in their businesses, and of course in the market. Nevertheless, the challenge for insurance companies is not with the data itself. Insurance companies usually collect thousands or even millions of data about every perspective of their business.

Huge volumes of data factors such as policies, policyholders, risk assessments and claim histories will be stored somewhere in the trade. However, that is the problem – saying that the data is sorted somewhere in the business, means that it is often too hard to locate, and even harder to extract.

Of course, some Insurance companies often have data stored in a number of different systems such as CRMs, to more specialized management software and risk management information systems. The challenge comes in colliding data or information from multiple different sources and turning it into something more concrete, which, in the end, the user can actively collect insights from.

Access to Business Intelligence and analytics is necessary for any insurance company that wants to be successful and increase competitive industries. The capability to turn huge volumes of raw data into actual insights represents a significant value hypothesis for these businesses. These insights can be cherished in terms of the limitless opportunities they can reveal across the business.

 Business Intelligence Applications

Insurance Business Intelligence systems often include business analytics abilities: rolling data analytics and management all into one software system or application that promotes better data quality and facilitate providers to be more adequate.

There are different benefits of insurance business development such as fraud encounters.

Fraud runs uncontrollably in the insurance industry. It’s a dire reality, and insurance companies must take safety measures to prevent potential fraud.

Fraud doesn’t just affect insurance companies, but it also affects insurance payers as well. The price of fraud can be epidemic; because insurance companies lose revenue, which results in negative customer experience.

Statistics have shown that 6-10% of medical reports are fraudulent. Therefore, 3adda has looked for a number of solutions regarding this issue and managed to provide a very sophisticated Medical Fraud Detection and Prevention System to the large insurance companies such as Tawuniya in Saudi Arabia and Oman United Insurance in Oman. 

 Determine Profitable Opportunities

Insurance companies need to monitor for ways to increase their earnings. In order to do so, directors must be able to have a full picture of the business from a centralized location and in a sustainable format.

Business Intelligence software uses data analytics to produce detailed conception and visualization, from which clients can understand concrete and actionable insights. In addition, when it comes to detecting fraud, insurance companies can use this ability to monitor market trends to make more strategic business resolutions. 

 Management Efficiency

A functional claim process is essential to the success of any insurance company because it both raises customer satisfaction and decreases loss. An enhanced claims process also empowers agents to resolve open claims more quickly, so they can commit their attention to a much larger number of customers.

Insurance Business Intelligence solutions provide claims handlers with a comprehensive view of key business processes and performance. By integrating Business Intelligence software with (CRM) systems, insurance providers can also give their claims handlers gateway to elaborative customer profiles. Handlers can use this perk to review customers’ prior allegation and other essential information and to deliver a more convenient service.

 Data Mining

Considered to be one of the most efficient tools in BI, Data Mining software is one of many analytical tools used for reading data, allowing users to view it from a number of varying angles, build connections, and summarize the relationships identified. The final goal of data mining is prediction and discovery. The operation looks for consistent patterns and systematic relationships between different variables, then consolidates the findings by applying the patterns to new subsets of data. 

3adda has been in the data mining field for some time now. In 2013, our company has provided Mantrac Group with a wide array of data mining courses to help Mantrac BI team perform Advanced Analytics, after that we teach Data Mining among other BI tools to the Computer Science Students of Cairo University.

 Turn-key Insurance

Over the past decade, investment in turn-key insurance software skyrocketed as companies searched for means to secure business transactions.

 BI is about enhancing efficiencies and minimizing costs. It allows entities to advance their processes and become aware of the areas where it is the strongest. This puts the insurer in a much better position. 3adda provides companies with opportunities, from upgrading existing solutions to developing more customizable options for specific customer needs.

Inherently, insurance is about making wise decisions based on underwriting, regulations, distributions, and others. The efficiency of these decisions lies in high-quality information. Therefore, 3adda with its BI solutions can provide companies with a considerable upper hand in the insurance industry. 

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