Today, one of the significant trends that is permeating the insurance sector is the value of customer-centricity, which is driving the need for more sophisticated data analytics solutions. Today, it is not just about purchasing a policy; it is more about how insurers personalize that experience of financial protection to their customers. Most of the insurers are thinking along the same lines of knowing their customers better and customizing the product to make it more worthwhile.
In this regard, insurance companies are bringing big data analytics into the play. That, coupled with automation, machine learning (ML) and natural language processing (NLP), organizations are now better equipping themselves to gather information and serve customers effectively in terms of policies, claim cycle, as well as the final settlement procedure. For instance, motor insurers are now deploying predictive modeling to determine the driving habits of its consumers. This behavioral data is then being compared to the data collected from other drivers. On the other hand, insurers can use legal data analytics to enhance case assessment, identify trends in litigation, and create winning litigation strategies.
With the data-driven industry aggregating and processing massive amounts of data, the demand for blockchain technology presently holds a mandatory position. To ensure secure client validation, insurers are using distributed ledgers while identifying false approvals and claims. The biggest transition is in the way these technological wonders are being leveraged in the insurance sector. Contrary to the earlier practice of using artificial intelligence and automation in mundane tasks, organizations are currently using them in smarter decision making processes.
At this juncture, there is a wide variety of solution providers entering the industry with a set of advanced and integrated insurance analytics solution offerings. To help companies navigate through the best-of-breed insurance analytics solution providers, Insurance CIO Outlook has compiled a list of “Top 10 Insurance Analytics Solution Providers – 2020.” The enlisted organizations are transforming insurance operations and processes at the intersection of various disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Insurance CIO Outlook’s “Top 10 Insurance Analytics Solution Providers – 2020.”
