The insurance industry has undergone a massive transformation as a result of changing customer sensibilities and accumulation of massive amounts of "exhaust data, disseminating from social media, multimedia, smartphones, etc. Using advanced analytics and leveraging both sensor data and machine learning, insurers can now predict customer preferences and expectations resulting in better customer service. At the same time, it is also possible to address issues that are contentious for insurers, such as justifying a claims rejection with impunity. Not only that, advanced analytics and AI also enables insurers to speed up processes such as claims processing, lead time issuance, which are extremely critical for the hyper-connected millennial customer.
Unfortunately, despite the multiple opportunities that AI and advance analytics provides, insurance companies are unable to reap the said benefits as incorporating AI and analytics, in the value chain poses a major challenge for them. Also, while predictive analytics and machine learning is fast emerging as a priority for insurers as they struggle to retain customers and cope up with complex claims and policy transactions, they remain clueless about where and how to do it.
In our upcoming webinar on "How insurers are using advanced analytics to improve retention rates" Anand Singh Bhandari, Director Business Intelligence and Analytics, and Surbhi Kocchar, Tech Lead, will provide valuable insights on how insurers can capture, track and predict data and customer transactions with new technologies, advanced techniques and business models, and thereby retain the competitive edge.
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