4 Ways Insurers are Turning Data and Analytics into Actionable Information
The use of data and analytics has become a critical driver of improving the customer experience. Fact is technology is making it easier for people to effortlessly generate massive amounts of data to be analyzed. The hope is that this accumulation of “big data” will provide insight into behavior, anticipate trends and make their customers’ experiences more relevant and timely.
The trick is turning that “big data” into actionable information. Here are four ways which insurers are succeeding in doing that:
Reducing the number of claims that are reassigned
Claims are complex. Therefore predictive modeling has become a key analytic tool in effectively reducing a claims handler’s workload. By maintaining up-to-date data about an incident or accident, public records information, prior claim history or policy information, every claim can be uniquely evaluated through already established perimeters. Sometimes a claim is simple enough to be resolved without the direct involvement from a claims handler. Other times they are too complex. This then allows a claims handler more freedom to be handle more complex cases that require deeper interaction with the customer, improving their experience.
Allowing claims representatives to make better decisions
Improved efficiency, reduced cycle times, reduced claims costs and increased customer satisfaction are a few of the many benefits insurance companies receive from being able to manage and effectively analyze their “big data.” With the right partnerships, it may become possible to apply this efficiency beyond the use of P&C or healthcare insurers and extend this actionable information strategy to life insurers, financial and banking services, government officials and more. This is a general trend that is allowing companies across a broad range of industries to refine their operations and staff appropriate employees in order to provide better customer experience.
Permitting quicker claims decision-making
The correct data has the power to shorten a claims cycle. By having relevant information about the exact incident or the insured processing the claim, data can be made available to the claims handler at the precise time in order to make a quicker claims decision. It is critical to have accurate data from the first notice of loss to settlement and recovery and to make this process efficient, carriers are rethinking how they procure and implement analytics solutions by adopting enterprise solutions to help manage these claims.
Creating effective, two-way communication
The customer experience is really going to be the key differentiator in 2014 and a major focus for forward-thinking insurance providers and claims handlers. The entire customer experience really needs to be coordinated around various touch points of communication—whether it’s mail, email, mobile or web presentment. Data and analytics can shape how insurers and carriers are able to operate to a certain point. In the end the ability to communicate with customers in a two-way conversation format will be a game changer for departments and organizations in the insurance industry in order to pride the optimal experience and outcome.
Source: Document Solutions