Making

AI and machine learning are making insurance more predictable

Data helps the insurance company, the agency, and the customer make better predictions and choices.

Paper cut of insurance concept on green grass background. Car insurance, life insurance, home insurance to protection by umbrella.

Image: ChooChin, Getty Images/iStockphoto

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Insurance is a data-driven industry. Data qualifies risk and is used to perform pricing on policies that mitigate that risk. During the process, different parties get involved.

Because insurance carriers want to sell products that cover the risks, they perform algorithms against large datasets that are capable of uncovering risks. 

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Agents want to better understand the needs of their customers and prospects. They want systems that enable them to punch in a name so they can query public and private data on a prospect—with the dual goals of understanding the risks that could be involved and understanding their customers better.

Finally, there are the insured customers: They want better products and claims processes.

“All of these

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Business Intelligence Helps in Strategic Decision Making

September 17, 2012 Jim Iyoob

Business intelligence helps extract crucial facts from a vast amount of unstructured data and transform them into actionable information that enables companies to make informed strategic decisions, improving operational efficiency and business productivity. This actionable information provides crucial insights that reveal the underlying currents of customer behavior, their likes and dislikes, online shopping experience etc. Everyday contact centers handle thousands of customer interactions that hold virtually untapped vital insights which can be efficiently leveraged to provide immense value to businesses. This information remains largely under utilized except when evaluated for Quality Assurance purposes.

Business intelligence can arm companies with rich data resources that can help them achieve their business goals and targets by guiding timely strategic decisions. Interactions with customers in the form of voice calls, chat interactions, emails etc can be thoroughly analyzed by business intelligence gathering teams to shed light on aspects such

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