Insurance companies are facing increased competition, evolving customer preferences, and tighter margins. The insurance landscape today requires strategies that go beyond simply exposure and underwriting expertise. The ability to effectively use and monetize a variety of data sources utilizing advanced analytics is a tremendously powerful differentiator. Insurance-centric analytics that enables an improved customer experience increased marketing ROI and clarity of understanding of the market landscape is mission critical.
With customer service expectations rapidly rising, transformation is critical to the insurance industry. To remain competitive, insurers must focus on accurately assessing customer needs with Big Data and its cognitive capabilities. Insurers can then optimize the customer experience and retain highly valuable policyholders as well as identifying new sales opportunities.
The estimated cost of property and casualty fraud each year in the US alone is approximately $32 billion…and rising. Combating fraud is becoming harder for a variety of reasons including increases in the number of fraud attempts, greater sophistication and complexity of the fraud instances, limited in-house skills and resources to combat fraud as well as fixed budgets for anti-fraud solutions.
