Todd Helton Authentic Jersey  Advance analytics and real-time data visualization can help target customers for insurance companies | amddatawiz

Advance analytics and real-time data visualization can help target customers for insurance companies

Advance analytics and real-time data visualization can help target customers for insurance companies

Dec 09 2015

Advanced Analytics, Insurance


Although the insurance sector has been somewhat sluggish in adopting data technologies, this industry has recently acknowledged the immense benefits of data analytics, as evident from the sudden flooding of advanced data technologies in every facet of the insurance business.

A TCS white paper titled A Dozen Ways Insurers Can Leverage Big data for Business Value indicates that today’s insurance data come from a wide variety of channels like agent interactions, call centers, social media, smart devices, telematics, faxes, police reports, or you name it! In such a complicated data acquisition scenario, it is critical for insurers to embrace advanced analytics (BI) and real-time data visualization techniques to extract value from business data.

Monitoring and visualization of consumer behavior data

Now, with the latest BI tools, insurance companies can monitor and visualize consumer behavioral patterns in real time to create and target specific customer segments. For example, while interacting with potential customers on social media or live chat, the insurance agent can instantly study customer behavior pattern and design targeted products and services to suit the needs of such a customer. Thus, customer profiling and micro-segmenting for the purposes of product design has become immensely important in the digital age. Take the case of auto insurance, where telematics are being used to monitor the driving habits of consumers to offer suitable auto insurance plans. The presentation slides on Insurance Analytics clearly explain how advanced visualization tools like geospatial or location-specific analytics can add value to insurance data that were hitherto buried deep in spreadsheets.

Real-time insurance-buyer engagement

The modern-day insurers are fast realizing that real-time customer engagement through social media, live chat, or online forums can greatly enhance the customer experience and create a real differentiation for the insurance company. In the connected world, the social media enables an insurance business owner or agent to solve customer problems as soon as they happen, increasing the chances of customer satisfaction and brand loyalty. A social intelligence firm Wayin reports through Direct Marketing News, that about 78 percent of surveyed marketers responded they have retrieved a 50 percent ROI from their BI investments within a year.

Real-time data facilitates value-added insights

“Live data” has tremendous potential in a business like the insurance as it helps the business operators understand the needs and expectations of the customers instantly. Real-time insurance data can also help in bridging gap between the consumer’s online and offline buying experiences. The sensor-aided devices can help trace and track an insurance customer’s in-store behavior, which can then be used to send highly targeted and personalized products and services to the customer.

Moreover, real-time customer behavior data can be combined with historic buying patterns to create personalized buying experiences both offline and online. This kind of proactive marketing strategy can help insurance providers to fight tough competition. Today, the insurance companies that are consciously developing and nurturing an analytics-driven culture are already well ahead of their competition in attracting and retaining customers.

In Employing Analytics to Automate and Optimize Insurance Distribution, the author explains how insurance carri­ers can take advantage of real-time analytics to gain insights about their customer segments. The data-driven business intelligence can not only help in comprehending massive amounts of customer data, but can safely assess business risks and transfer the intelligence to targeted product design, customer segmentation, and competitive pricing.

 J.T. Miller Jersey

One thought on “Advance analytics and real-time data visualization can help target customers for insurance companies

  1. Hosting

    Real time means something different to every client. Maybe your data updates just once a day—or once a second. Regardless, AVS will help you analyze and visualize the changes, impact and meaning of data flowing through your business like no other software company can.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Linked In

research paper

Deep insights

Dig deeper into the world of data

May 23 2018 Specialized Analysis Papers Publishing Assist Specialized Analysis Papers Publishing Assist What are primary terms which come for your brain after you notice the phrase “research paper”? Longer, tough, discouraging, tied to the subject, unsure the best place to begin… their list could be carried on so on. To assist you to undertake exploration papers producing stress and make you inside […]
Read More Read More
Apr 25 2018 Strengthening Your Writing Eliminating Words That Are Unnecessary Custom essay writing is not straightforward, yet, we’ve got passion to authorship and know how an amazing essay must be written. The way to begin writing an essay. Large words and little phrases must not be used rather the appropriate words ought to be used while composing essays. Writing the very first write 7. Lately, […]
Read More Read More
Jul 18 2017 The ‘Conspiracy’ of the ‘Homintern’. (Article). A good deal of preparation ought to enter your composition before you begin writing it. If you’re n’t, the Web along with the catalogue are equally exceptional areas to locate sound evidence for your own article. If you’ll think this as a understanding procedure, it’ll aid you considerably. No matter your objective, merely continue composing. […]
Read More Read More

like what you see? Let’s talk!

1+2 =
Send message Send message
Your Message Sent Successfully...
Dwight Howard Jersey