Marketing and reference data informatics comprises of data extraction, analysis and manipulation capabilities and utilizes them to provide high level of analysis that identifies risk factors for various businesses. It is this field of business intelligence that utilizes data informatics for assessing core areas of businesses such as risk assessment, underwriting, new product development, claims, and customer service.
The insurance industry must utilize data more strategically than it has done so in the past. Factors such as data warehousing and data analytics must be applied in order for business intelligence to be relevant to the insurance market’s ever dynamically changing scenario.
Reference Informatics comprises of sales and production data including agent sales, persistency rates and paid-to-written ratios. It also includes administrative data that enables one to track key performance indicators any time depending on agent profile, policy status and time of contract implementation.
However it is the subset of Predictive Modeling within the field of Marketing informatics that holds the greatest promise in analyzing potential customer profiles, effective marketing strategies and in determination of customer retention scores, loss ratios and product pricing. Predictive analysis can focus marketing targets and improve lead conversion rates. It provides business intelligence that can model customer behavior, predict customer needs and anticipate customer reactions. As a result rather than analyzing data in hindsight, companies can now target and change the strategy of a marketing campaign during or even before the campaign takes place.
The dynamic nature of the field of marketing and data informatics is best seen when information from a business intelligence system is plied back into operational systems, which is referred to as "in-line analytics". This ensures better decisions in response to market changes and competitive pressures.
Many insurance companies are dealing with legacy computer systems that work well on their own from a process standpoint but are extremely difficult to run with respect to data sharing and integration. In addition to the above mentioned intra-institutional data integration issue there is also the problem of inter-institutional data integration which has arisen as a result of many insurers growing as a result of mergers and acquisitions. As a result data pertaining to the parent companies has not been integrated or streamlined effectively enough from disparate systems into one central location such as a data warehouse.
Advanced analysis of data has several benefits in addition to the above:
At Outsource2india, we have the necessary technology, advanced data analytical capability and domain expertise -based business intelligence that creates high-levels of measurable business value to customers.
We have a number of expert data analysts, including Ph.D. statisticians, mathematicians, life science experts, and various other highly qualified professionals. Technical analysts and data entry operators provide support and have the skills to provide required technical assistance thus enabling high grade and high yield marketing and data informatics services for the insurance industry vertical.
The overall cohesiveness and high talent level of our team will analyze your insurance data and if required will develop analytical approaches that will optimize your insurance processes.
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