Written by GoodData Author |
The curtain has come down on the Chief Data and Analytics Officer (CDAO) Insurance event in Chicago where close to 80 data and analytics leaders from insurance companies and technology providers took center stage to discuss analytics strategies, share best practices, and learn about new technologies focused on the insurance industry.
As GoodData was a proud sponsor, my colleagues and I had the opportunity to sit in on the sessions and exchange ideas with our peers. Here are some of the key takeaways:
- Across the board, insurance companies are increasing their investment in analytics. Business areas benefiting from analytics most are underwriting risk selection, pricing, fraud detection and prevention, and portfolio management.
- The top 3 objectives for insurers with their analytics initiatives are:
- Increasing operational efficiency and improving business processes
- Building an efficient data management and governance framework
- Reveal actionable customer insights by leveraging new sources of data and advanced analytics
- Integration with legacy systems was cited as the biggest challenge for implementing any advanced analytics solutions.
- Although hot topics, AI and machine learning are still new to most carriers. One of the biggest hurdles for embarking on these advanced technologies is finding compelling business use cases and proving ROI.
These observations validate the insurance solutions GoodData is delivering. Our recently launched insurance solutions – Underwriting Insights and Claims Insights, are designed to uniquely address the pressing issues discussed at CDAO. Specifically, improving operational efficiency by automating manual tasks and expediting insights delivery for various lines of businesses, so front-line employees such as underwriters and claims adjusters can make timely, smart decisions at each step of their business process. This webinar explains some of the guiding principles our solutions are based upon.
For insurers, the unique advantages of GoodData insurance offerings are:
The ability to embed or overlay deeper insights on top of your existing applications and workflows allows insurers to seamlessly integrate data-driven insights into their existing systems without any disruption.
Fig 1. End-to-end claims visibility
Integrated AI and machine-learning allows for continuous improvement on processes and decision-making. Because our solutions incorporate end user’s responses and actions into a closed-loop feedback system, it becomes smarter over time with the “next best action” recommendations.
Rapid insights delivery to support end user’s every-day decision-making. With GoodData’s solutions, insurers can focus on developing sophisticated models but leave the model deployment to us. Our distributed, scalable solution architecture reduces production cycles for insights delivery from months and years down to a few weeks.
Fig 2. Underwriting decision guidance
The ability to ingest, process and analyze data, and distribute advanced analytics and insights all on the same platform. No other analytics solutions offer such end-to-end capabilities.
Attending the CDAO Conference was a privilege. I was thrilled to walk away having validated what GoodData’s built and full of ideas for more ways we can help the insurance industry in their digital transformation.
Written by GoodData Author |