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.
Create New Business Models
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 a claims segmentation solution based on IBM SPSS® predictive analytics software.
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 cultural change.
Westfield began its analytics transformation by creating an Analytics Resource Center (ARC) and building a powerful data warehousing and analytics platform under the sponsorship of its CEO. With the help of IBM® Global Business Services®, the ARC team worked with the IT team and internal business partners to develop a range of new analytics applications.
Big data and analytics technology can reap huge benefits to both individuals and organizations—bringing personalized service, detection of fraud and abuse, efficient use of resources and prevention of failure or accident. So why are there questions being raised about the ethics of analytics, and its related technology, big data?
Five years ago, IBM observed that the planet was becoming increasingly instrumented, interconnected and intelligent. In response to these changes, IBM developed the IBM® Smarter Planet® initiative. The goal of this new venture was simple—to help everybody benefit from building a smarter planet. Twenty thousand engagements later, IBM has gained critical knowledge of how big data and analytics can improve outcomes for individuals, organizations in nearly every industry, and society.