Insurance analytics combines the power of better technology with the complex data carriers gather today.
The types of data insurance carriers gather can be applied in unique ways to understand trends. This helps improve overall efficiency and allows cost savings across the company.
What is Insurance Analytics?
Insurance analytics is the method of formulating insurance trends through big data.
In context for insurance carriers, this means taking your stored warehouse of data, integrating with third party providers for access to even more datasets, reviewing for historical trends, and making more intelligent decisions. The technology involved with analyzing this data can help form predictions for where you may be able to decrease risk, apply higher premiums, cut agency costs, or even create new offerings for the insured.
All carriers collect their own data in unique ways. WaterStreet Company’s P&C Insurance Technology is customized to collect the data your business relies on and to integrate with third party data aggregators for providing more information to your decision making process.
What is Insurance Big Data?
Insurance Big Data is an industry term which describes data sets that are too complex for people to review in a siloed method.
When a carrier gathers data across thousands of policyholders and over several years, it becomes too much to digest without advanced analytical features. The carrier’s underwriters, accountants, agencies, and many other shareholders access this data throughout the policy lifecycle, making use of it according to each job function.
For carriers to make the most of the data, they must have the ability to store the data in un-siloed ways. Gathering data within a single unified solution opens up new possibilities to analyze the data through reporting functions and identify gaps in your data where third party providers can help offer context.
Insurance Big Data In Action
Insurance Big Data has many uses. Binding a policy is a common practice that pulls data together and can be improved with P&C Insurance Technology.
Before binding a policy, the policyholder has filled a detailed application and awaits final approval, possibly requiring an inspection.
Third party real estate data is commonly used when binding for home insurance. Telematics pertains to data offered through communication technology, such as with GPS data for auto insurance. As the insurance industry evolves, more data will become available through third party vendors for offering greater context to the binding process.
All carriers today gather this data, but not all put it to use at its full potential. Big data is the premise that your data has become too “big” for average employees to understand without the help of advanced features that can combine all data into one manageable location.
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.