As the insurance industry undergoes remarkable technological changes, insurers are taking drastic steps to improve operational efficiencies as well as lower the prices, thereby making the processes customer-oriented. Insurance agencies are focusing on offering personalized and frequent communications with their clients to drive transparency in communication. Organizations are adopting omnichannel distribution facilities for enhancing the frequency of customer interactions without compromising on the quality.
On the technology front, big data and analytics are playing an important role in aggregating and analyzing people data, thereby empowering insurance organizations to attain firsthand insights and better serve their customers. Social media platforms and interactions with customers are helping agencies extract valuable information and put them into action. Besides, organizations are deploying high-end technology, including IoT and connected devices, blockchain and mobile in an attempt to understand the customers better and improve their support. Underwriters are unlocking the power of AI and RPA for managing high volumes of data, parse and validate evidence faster and more cleanly through automation. Moreover, from the security perspective, the industry experts are leveraging blockchain as a central platform for accessing digital medical records in a secure fashion.
In addition, agencies are employing predictive analytics on carrier platforms to prioritize claims with an aim to cut down on costs, simultaneously saving time and resources. Organizations are utilizing predictive analytics to anticipate the needs of the insured people, consequently alleviating their worries while improving the customer-carrier relationship. While cutting-edge technology ensures quality for the Insurance industry, it is an uphill task for organizations to decide on one from the wide assemblage of trends. To make this task easier, a distinguished panel comprising CEOs, CIOs, VCs, Analysts and the editorial board of Insurance CIO Outlook has selected a list of Insurance Analytics Service Providers.
We present to you Insurance CIO Outlook’s “Top 10 Insurance Analytics Consulting/Services Companies - 2019.”
![Verisk Analytics [NASDAQ:VRSK]](https://www.insuranceciooutlook.com/company_logos/garkxver.jpg "Verisk Analytics [NASDAQ:VRSK]")
