The business of insurance relies on accurately assessing risk. Insurers typically have colossal amounts of data in many different forms and with various stakeholders.
The insurers need ways of organising scattered, structured & unstructured big data into invaluable information that can help in making informed decisions, building predictive and descriptive analytics that provide perceptive insights into the business.
Hexaware’s Insurance Analytics Solution (iAnalytics) provides customers with timely access to data, a consolidated view of information and robust analytics to provide measureable, immediate business value to organizations.
Customizable and flexible, iAnalytics ensures that insurance providers get the required information and associated analytics on-demand. The solution includes a comprehensive decision-support system with ready-to-use tools to accelerate the adoption of the analytics solution.
In addition, the solution provides role-based dashboards and report layouts as well as a repository of over 500 KPI’s which enables insurers to accurately measure, monitor and manage KPI’s across the insurance value chain for P&C and Life Insurance. More importantly, the ability to forecast the performance of those KPI’s gives the insurers the power to initiate proactive actions to mitigate the negatives while magnifying the positives.
Just few of the benefits that accrue include:
- Decision support for underwriters ensuring consistent, error-free selection of profitable individual risks and driving revenue growth
- Ability to target profitable renewal business and improve retention thereby accelerating the premium growth
- Timely insight into operational bottlenecks to enable improvement in operational efficiency and employee productivity resulting in reduced leakages
- Real-time single view of a customer to deliver quality service and opportunities to cross-sell and up-sell
For more information, please read Hexaware’s flyer on Insurance analytics, which is available for download. Click Here
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