INSURANCE ANALYTICS - IT'S ONLY GETTING STARTED

Insurers are the original pioneers of analytics. Insurers of all types have become great at using data to look backward—to understand what went right or wrong, what worked, and what didn’t—and applying those insights to shape decisions. But in many ways, the industry is just getting started and predictive analytics is at the forefront of this.

Today, the arsenal of available relevant data—digital and offline—is bigger than ever, and when combined, that data offers new insights into what may likely happen in the future. This capability holds the potential to profoundly reshape how the insurance industry conducts business—across all of its sectors. Just as important, the industry finally has access to the tools, technologies, and processes to make it all happen.

PROFOUNDLY RESHAPE INSURANCE

For insurance, new age analytics expands beyond the walls of actuarial and pricing and is now playing strategic roles in risk management, product development, marketing, distribution, claims, and customer experience.

Underwriting and Pricing – Accurately predict risks and threats to make smarter underwriting and pricing decisions.

Claims – Reduce cost per claim, improve fraud detection, while driving better customer service.

Customer Experience - Identify drivers of customer satisfaction and deliver superior customer experience across channels.

Operations - Streamline operations, reduce costs, optimize resources and time, and automate key processes.

Marketing – Optimize spend and increase ROI through better STP, personalization and relevant offers.

Distribution – Improve performance across channels and enable greater cross-selling and up-selling opportunities.

Growth and Profitability – Streamline costs, identify new revenue streams, prioritize most valuable customers and increase retention.

Risks Control and Compliance – Provide ability to access, understand, and control the risks.

Fraud and Financial Crimes – Mitigate fraud across insurance process. Use smart data mining to reduce false positives. Strike a balance between oversight and customer service.


CUSTOMER SUCCESS STORIES

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DISABILITY INSURANCE CLAIMS  

 

CUSTOMER SUCCESS STORY

We worked with the one of the largest Disability Insurance providers, helping them replace their traditional reporting solution with Tableau. The new solution provided aggregated view across insurance processes, while giving the ability to slice and dice to find trends, patterns and relationships. This empowered the management to make faster, better and smarter decisions to improve claims processes, reduce costs, and increase resource utilization.
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HEALTH CLAIM RESPONSES

CUSTOMER SUCCESS STORY

We helped a leading Healthcare Insurance Provider improve their claim response and processing time by 30%. We collected and harmonized data from multiple data sources, and then built holistic business views on Tableau. This empowered the claims processors to prioritize their responses and deliver superior customer service. 

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ETHICS AND COMPLIANCE

CUSTOMER SUCCESS STORY

We helped a large insurer by automating their compliance reports. Data was gathered from across the globe into a centralized warehouse. Tableau dashboards allowed insights into correlation of geography, insurance product, claim size, advertising, field rep and employees, to complaints, gifts, payment for political parties. Aggregated reports were sent to Head of Ethics and Compliance on a quarterly basis. 
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DENTAL AND VISION GROUP BENEFITS

CUSTOMER SUCCESS STORY

We worked with the insurers' client facing team, developed several Tableau dashboards for them, which provided up-to-date benefits data on the specific client and their participants and claims. It fostered discussion on which plans suited the clients' current situation and what offers the reps could give them in the upcoming year, increasing retention and profitability. 

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PROCUREMENT SPEND

CUSTOMER SUCCESS STORY

USEReady helped the insurers' procurement team build a consolidated spend and maintenance calendar using Tableau. Visual depictions of spend and savings helped procurement team optimize their spend and also gave them a better insight into collective buying discounts via vendors and/or from manufacturers.
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POLICY SALES GROWTH

CUSTOMER SUCCESS STORY

We helped a leading commercial insurance provider identify up-sell and cross-sell opportunities using Tableau and Alteryx. Designed dashboards that alerted a BU about their existing client requiring a new or renewed policy, or potential opportunity by finding relationships with different BU and bundling different insurance products.

INDUSTRY INSIGHTS

Frost and Sullivan Analyst Report

ANALYST REPORT

Frost and Sullivan - Innovating financial services in the big data era

Four traits of a data driven financial services

WHITEPAPER

Four traits of a data driven financial services organization


TABLEAU DASHBOARDS

INSURANCE CLAIMS

Claims Response

CLAIMS RESPONSE

CLAIMS FORECAST


Next Steps

Are you ready to take your analytics capabilities to the next level?

It’s not too late, but the clock is ticking. Your competitors are most likely on the move with their analytics agendas. USEReady can help you identify the gap between what you have been doing and what your ultimate objectives may be.

USEReady is one of the leading providers of analytics services to the insurance industry. We are aware of the challenges the insurance industry faces in technology, demography and consumer needs. USEReady will provide you with a leading practice-based blueprint and framework.

We are committed to helping insurers succeed with data, differentiate in the market and deliver profitable growth today and in the future.


MORE SOLUTIONS

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BANKING, CAPITAL MARKETS, RISK, COMPLIANCE AND FRAUD ANALYTICS