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Yodek Services: A New Context to Insurance Services

Daniel Hutto, CEO, Yodek ServicesDaniel Hutto, CEO
The use of data is at the core of each Insurance firm. Over the last few years, insurance companies have invested in crucial data analytics solutions to stand-out in an ever-changing and competitive environment. More recently, emerging technology developments like Big Data, and AI has enabled insurance companies to build more sophisticated Data Analytics solutions and utilize customer’s behavioral data, insurance companies to revise and develop strategies and policies. Furthermore, it allows insurers to empower distributors or agents with tools to identify various business opportunities, retain customers, minimize overall customer engagement cost, time, and fraud cases. For instance, improving the customer experience by profile segmentation and targeted offers, enhancing risk assessment in underwriting, reducing the cost of claims, and identifying new sources of sustainable growth.

However, when it comes to implementation of these solutions, insurance companies are facing multiple challenges that prevent them to optimize the potential of data analytics. Due to independently operating product teams or lines of business, which focus on their own data needs and performance—insurance carriers, like other industries, have multiple silos dispersed across their organization. Owing to a lack of Data Analytics experts in the organization, companies fail to create an effective enterprise-wide data strategy. This places barriers to sharing data across the business because of slow, cumbersome processes. In addition, as implementation of strategies addressing data security and privacy concerns need to be effectively be balanced with data sharing, it is important to define governance policies as data democratization is facilitated. As the growing data volumes and need for interconnected systems have increased—one company, Rapinik has come as a boon to insurance carriers.

The firm provides actionable insights within complex data environments by leveraging their technology prowess and industry experience.

Rapinik’s consultants assess the current IT situation of the client’s business by identifying behavioural patterns and deliver actionable insights to enhance their decision-making within the pressure of shrinking timelines. The company also ensures that solutions are delivered in the most cost-effective model which suits the pace of the business growth of their clients. By utilizing Hadoop, NoSQL— Rapidnik provides the necessary framework that enables the insurance companies to analyze and manage growing volumes of structured and unstructured data. The firm provides a full life-cycle Infrastructure Management Services and have partnered with other global to offer superior agility and efficiency.

What differentiates Rapidnik from other competitors is the company’s expertise and understanding of the criticality of their clients’ IT infrastructure. What differentiates Rapidnik from other competitors is the company’s expertise and understanding of the criticality of their clients’ IT infrastructure. As policy renewal is a yearly process, insurance companies require a fool-proof strategy formulation, marketing and significant resource efforts. That being said, owing to less transparency and a single view of processes, insurers are prone to losing customers. In one instance, a leading insurance intermediary in the general insurance space approached Rapinik to help in understanding which of its customers were most at risk of cancelling their policies and also why? Rapidnik collected and analyzed data from various sources of the past year to generate insights to understand patterns and the root causes of non-renewal. These insights were applied to segment each customer to different categories i.e. Very High Risk, High Risk, Medium Risk, Low Risk. New set of policies was created by using the feedback data and unstructured data, if present, was converted into structured format for analysis. Thanks to Rapidnik—the client was able to increase number of renewals by 5 percent and reduce operational costs.

The rapidly maturing digital infrastructure and increasing fraudulent activities in insurance industry is expected to increase the demand for analytics solutions. As competition heats-up in the market, companies are encouraged to upgrade their existing business model, streamline operation, and enhance the processes. With ever-changing financial policies and regulations across the globe, the insurance companies are compelled to opt for analytics to control their operations. Rapinik can help these companies in their journey to finding the right Data Analytics Solution.

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Top 10 Insurance Analytics Tech Solution Companies - 2019

Company
Yodek Services

Headquarters
Indianapolis, Ind

Management
Daniel Hutto, CEO

Description
The firm provides actionable insights within complex data environments by leveraging their technology prowess and industry experience