Business intelligence is the process of utilizing software and services to convert and manage data so that businesses can make the most intelligent decisions. Every industry can benefit from investing in this. But how does the insurance industry use business intelligence?
Business intelligence systems are more than just analytics. A robust business intelligence platform combines analytics with other data to provide visuals of workflows and processes. Data is often more meaningful when it is displayed intelligently — and that is what business intelligence systems are designed to do.
Read on to learn more about the numerous ways in which technology is transforming the risk and insurance industry through business intelligence, then reach out to us at Integratz for more information and your free preview.
How Does the Insurance Industry Use Business Intelligence?
There are several applications of business intelligence in use by the various areas of the insurance ecosystem — with even more to come in the future.
Claims
Many areas of opportunity live within the claims area. Business intelligence bridges the gap between different legacy systems to bring information to one simple place. Adjusters traditionally have used several systems — often with their own log-in and passwords — to find data to work their claims. Switching between claims systems, diary, mail, evaluation systems, rental car companies, and medical bill review platforms drains the efficiency of your claims adjusters. Putting all that data together in one easy-to-use dashboard eliminates the waste involved with moving between lots of systems.
Underwriting
Imagine a way to review relevant details about a new property risk all in one place — with up-to-date details like address-level flood elevations. You could use business intelligence to show the underwriting process, identifying bottlenecks and waste along the way. Business intelligence could gather metrics about your underwriting process, like cycle time or approval rates. Using your platform, you could pull data from external sources to improve your accuracy and add more efficiency to the process. All the data you need to make an underwriting decision could pull automatically from outside sources — then your system can present it in a visually appealing way to make the data easy to work with.
Sales and Marketing
Sales and marketing are key areas for using business intelligence. Using business intelligence, you can pull data and predict what your customer may need. For example, linking to wildfire, weather, and flood services could alert you to a potential catastrophe in your policyholder’s region. You can then warn policyholders — potentially saving lives and property should a disaster strike. Predicting and mitigating risk is possible when you have the right data compiled in easy-to-use formats. Consider how data from sources like NOAA could help with hurricane or wind analytics or tapping into the National Wildfire Coordinating Group could help manage that dangerous risk.
Consider how having more information specific to your customer and their risk factors could help with upsell opportunities. The better you know your policyholder the better able you are to predict their needs and provide them with the right solutions before they need them. With insurance this is critical — customers need protection before a loss occurs.
Fraud
Claims, underwriting, and SIU departments work closely together to fight fraud — and they need all the help they can get. Criminals get more sophisticated every day. The same technology that enables us to better serve customers and do our jobs also gives criminals an opportunity to try to defraud insurance companies. But business intelligence can give insurers a leg up in the fight against fraud. Better data analytics means SIU can focus its efforts on targeted fraud, and business intelligence systems can quickly see patterns that could be red flags. A system that allows carriers to integrate with each other and the NAIC means sharing information to fight fraud on a systemic level together.
Product Development
On the product side, business intelligence could provide a visualization of how your products fit together. You could use it to see gaps where a new product should be developed, or an existing product modified to meet a new need. Market research through vendor and competitor sites is made easier through business intelligence systems. Finally, linking your current products with client requests through an optimized system could help you prioritize demands in product development.
Business Intelligence Creates a Better Customer Experience
We’ve discussed many internal processes that business intelligence can impact. But another area where the insurance industry uses business intelligence is improving the customer experience. Business intelligence systems can:
- Reduce cycle time of claims
- Reduce customer effort
- Increase communications and touchpoints
- Identify and eliminate roadblocks causing delays
- Lower administrative costs, which can be passed to the customer
- More data can be shared with policyholders, and more educated consumers tend to manage their risks better
Learn How Business Intelligence Can Help Your Insurance Business With Integratz
Integratz offers a robust suite of solutions designed to maximize efficiency through business intelligence. We can help you map your workflows to find the places where optimization through technology will deliver the most value — then we’ll provide the solutions.
Whether you want to incorporate business intelligence into your claims, underwriting, billing, sales, or into all aspects of your operation, we can help you find efficiencies. Technology is here to stay — let us help you make the best use of business intelligence!
Contact us to book your free preview call today! We’ll show you what business intelligence can do for your insurance business.
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