Analytics in insurance is needed due to a range of new challenges, including managing costs better, regulatory changes, increased customer awareness and financial planner attrition
Predictive and prescriptive analytics modeling in insurance marketing enhances customer focus, customer satisfaction and marketing ROI across various interventions
Sales analytics can help an organization understand and optimize its sales force, revenue per customer, and pipeline performance over time
The need for analytics-driven decision making in insurance couldn’t have been better timed. The industry is faced with multiple challenges in managing costs better, dealing with stringent regulations and increasing customer demands. Insurers that are able to leverage analytics will be positioned to achieve a sustainable competitive advantage.
From the very basic Reporting, to the moderately evolved Descriptive or the advanced Predictive and Prescriptive, analytics in all forms impacts business. For the insurance industry in particular, insurance business intelligence or analytics provides invaluable insights on customer acquisition and retention strategies, sales strategies and effective claims management.
This WNS whitepaper provides a holistic view on how analytics can transform the insurance business to create value for all stakeholders.
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