Retaining policyholders is an ever-present concern within the insurance industry. The IBM Behavior Based Customer Insight for Insurance Solution uses analytics to create strategies that can help insurers anticipate and reduce churn.
Like any services industry, insurance companies achieve successful outcomes by building customer loyalty and trust. Advanced data and analytics help insurance companies develop retention by gaining key insight into policyholder behaviors, needs and preferences.
No one wants to be in a position to submit an insurance claim, but customers that maintain adequate insurance for their property and possessions have every reason to expect a rapid claim resolution process. Predictive analytics can help insurers stay in tune with their policyholders by responding
Do you know what your policyholders need, or are you taking a gamble and hoping that you are offering them the right products and services at the right times? Play this video game, and see if you can anticipate what is on the minds of these insurance customers.
The Internet of Things is providing organizations with new opportunities to expand their business offerings, grow and retain valuable customers, and improve existing processes to increase efficiency and reduce costs. With an estimated 24 billion connected devices by 2020, the Internet of Things
RIMAC uses IBM Analytics and IBM Global Business Services to make more money out of the same insurance premiums, while remaining customer-centric and discovering hundreds of millions of dollars in fraud and leakage.
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Safety Insurance Company had the common problem of too many databases. There was no single version of the truth, and this led to inconsistent answers across the enterprise. With IBM solutions, the organization now has one repository for all its data and the power to use big data to fight fraud.
What if you could alert drivers to road hazards or help them locate the nearest gas station or steer clear of high-risk areas around the world?
These are just some of the possibilities powered by IBM Big Data & Analytics. By capturing, connecting and analyzing real-time information from
Financial services and banking are data-driven. Organizations in these industries store and analyze data on millions of customers, this data valued in the billions. As a consequence, they have to struggle with ever increasing volumes, velocity and variety of data. To stay ahead of competition, and
For insurance companies, the integration of big data and analytics solutions with telematics technologies offers important opportunities to extend the use of telematics data beyond usage-based insurance (UBI) and improve competitive differentiation.
I've spent more years than I want to admit on the business side of the insurance industry. In my current role I work on the value that big data and analytics can deliver to an insurer and, in turn, to their policyholders.
On the other side of things, I own insurance policies, just like most.
As a top U.S.-based insurer of property, casualty and surety, Westfield realized progress depended on gaining a better understanding of their business. With The Analytics Resource Center (ARC), data is now more accessible, encouraging decisions based on hard evidence rather than intuition.
Santam wanted to find a way to improve its service to customers by settling claims faster and keeping premiums low.
To achieve this, the company needed to maximize operational efficiency and find smarter ways to combat fraud.
Santam worked with Olrac SPSolutions, an IBM Business Partner, to design
Senior leaders at Westfield Insurance realized that future success depended on gaining a better understanding of the performance of its business and its network of agents. However, driving a more analytical approach to decision-making would require not only new technology, but also significant