- COB LED Heat Sink
- SMD LED Heat Sink
- Lighting Housing
- Grow Light
- Commercial LCD Display
how big data is revolutionizing the insurance sector and ...
However, in order to maintain a competitive advantage, even the most conservative insurance companies, it becomes very important to adopt new technologies such as big data, which helps companies to process a very large amount of information and improve the efficiency of workflow, design products that customers actually need to reduce operating costs.
The impact of big data on business all enterprises generate a lot of data in their customers and competitive environment.
Earlier, when their ability to process large amounts of data was limited, these businesses were not able to use the data to improve their products and services and gain a competitive advantage by gaining insight into customer behavior.
However, because it is relatively easy to obtain a large amount of computing power at a low cost, and can apply artificial technology to analyze data, it has become easy to convert it into meaningful information that can be applied in several ways.
Typically, big data is used to develop new modes of distribution and customer interaction, such as chat rooms, robots
Consultants, virtual assistants, etc.
Improve the quality of customer experience and make marketing work more targeted.
Big data is also at the heart of process automation, as it allows to improve the efficiency of internal workflows by replacing manual interventions with automation.
The important impact of big data implementation is that it enables companies to create new business model concepts that provide them with a strong competitive advantage.
The cornerstone of big data\'s impact on competition and innovation insurance is traditionally the analysis of various data such as personal information of policyholders, accident statistics, mortality data and trends, and multiple third
Sources of information used to divide people into different risk categories, prevent fraud losses and optimize costs.
The rapid development of digital information collection and processing has opened up several new sources for the insurance industry and similar private online lenders, can be used to build complex behavior patterns to assign a specific level of risk to each customer.
The most popular new source of data is online behavior, including online shopping patterns, Internet browsing behavior, the presence of social media, activities and data are anonymously drawn by sensors embedded in many of the smart devices we use, such as cars, drones, smart homes, the internet of things, etc.
Data from these new sources can be combined with data from traditional sources to generate insights into a person\'s lifestyle and behavior
Time can be used to build a lasting competitive advantage.
Big Data Application insurance industry experts in the insurance industry believe that the company\'s ability to remain competitive in the insurance industry will increasingly depend on how they access the data and obtain new risks.
From its related perspective.
Using big data can discover new ways to encourage cautious behavior, allowing new technologies to allow insurance to play a role from just protecting perceived risks to predicting and preventing actual risks.
A glimpse of what big data can do for the insurance industry: get customers, not rely on answers provided by customers in the structured format of the application form, by analyzing the large amount of data a person generates when using channels such as email, social media, it is possible to have a more accurate understanding of his preferences and behaviors, and other e-feedback methods, such as web browsing behavior.
The diversity of sources and the absolute number of unstructured data make it possible for insurance companies to improve the efficiency of acquiring new customers, which is the target file.
Because customer acquisition is very difficult and expensive, insurance companies need to focus on retaining existing customers.
Because no customers leave suddenly, the analysis of big data can reveal any early signs of discontent so that insurance companies can respond quickly, resolve specific complaints, and generally improve their services, to eliminate common pain points.
Customer loyalty can be improved by better understanding the main reasons for not being satisfied and solving problems in multiple ways, such as changing prices, offering discounts, etc.
Risk assessment the profitability of insurance companies is traditionally considered how to effectively and accurately assess the risks of customers and provide them with products to solve risk problems at competitive prices.
The application of big data technology can greatly improve the efficiency and accuracy of risk assessment, so as to provide insurance products with better structure and better price. Big data-
The enabled predictive modeling approach also enables insurers to evaluate specific issues and concerns that may arise for individual customers and to determine their risk profile very accurately.
According to the website of the anti-insurance fraud Alliance, American insurance companies lost $80 billion in fraud.
The effect of this is that the profitability of the insurance company is reduced, and the premium of each customer is increased.
With big data modeling technology, insurance companies can identify customers who are more likely to be involved in fraud and investigate their applications in more detail.
One of the biggest advantages of big data is that the analysis of large amounts of unstructured data helps insurers better understand the real needs of their customers.
The insurance company can then use this information to build a more customized quote based on his behavioral patterns and medical history.
The result is that the product is more suited to the needs of the customer and more in line with his budget, but provides the insurance company with the profitability and security required for stakeholder satisfaction.
Conclusion big data brings multiple benefits to insurance industry;
It can not only automate many manual processes, make them more accurate and efficient, reduce operating costs, and help develop new policies that are more suitable for customers, at the same time, it also brings about the improvement of competitive advantage or customer acquisition and retention ability.