Big Data insurance- The insurance industry is more than ever driven by data and technology as the corporations harness information to make predictions on business dynamics.
Business intelligence, robotic process automation (RPA) and integrated systems have progressively reduced the need for people to conduct mundane tasks.
This has led to paperless operations and significant growth of self-service portals for the millennials. Forward-looking firms are leveraging BI to drive product development and innovation, to simplify processes, with the aim of efficiency and quick turnaround.
The quick shift has been due to customer demands for quick and easy solutions. Today’s customer does not want to come to an office or wait at a reception for a manual solution. They want speedy and error-free on-demand digital solutions.
Insurance has a wide range of customers with varied needs. Customer service-led organisations have embarked on the implementation of RPA and Big Data to serve their clients. The use of chatbots — with which customers can receive a quotation for a product, pay for it and check due dates for their premiums — will become the norm.
These inclusions will aid in compliance with the Insurance Financial Reporting Standards (IFRS) 17.
These solutions will see chatbots collect premiums in full within a 30-day period in addition to implementing cash and carry. The ultimate goal is to provide the ability to load claims and purchase a policy online through the self-service platform and chatbots.
As a consumer of Big Data, the insurance sector is one of the most challenging since insurers collect large amounts of data from customers, intermediaries and healthcare providers. They, in turn, have to evaluate risks and decide on the premiums to charge customers.