Overview – Data Analytics for Insurance
Now a days, data integration, analysis and governance programs have become very expensive, time consuming and difficult to deploy successfully in an Insurance Business environment. Utilizing existing data and deploying them through an effective decision support system can help Insurance companies improve overall business rapidly. GrayMatter Insurance Analytics (IA+) experts are working with Insurance companies to help evolve their insurance data analytics, data management systems, processes and operating models, enabled by GrayMatter pre-built, role-based, enterprise-wide insurance analytics solution, called IA+
There are several business benefits of Insurance Analytics (IA+) , the key value adds include improving new business, enhancing renewals, improving operational efficiency and hence process TAT, rationalize business planning, enhance underwriting decisions, streamline pricing strategies, reduce loss ratio, optimize claim reserves, mobile apps for lead management etc. The image below depicts the value proposition that IA+ stands for, by virtue of the aforesaid business benefits. The business benefits in conjunction lead to the fundamental business drivers, viz., increase in profitability, enhancement in top line, cost control and reduction, improved customer experience, increased customer acquisition, elevated customer retention, enhanced employee satisfaction, reduced talent attrition and so on.
GrayMatter’s Insurance Analytics (IA+) solution empowers insurance companies to monetize data across the organization, removing data, application restrictions and storage. This process will help completely leverage the power of data analytics to drive competitive advantage and business benefits to the insurance companies.
The following differentiators enable GrayMatter’s Insurance Analytics solution to deliver the value proposition that it conveys to its customers:
- Covers Complete Analytics in Insurance
- Comprehensive list of KPI’s & Metrics
- Covers End to end Insurance Big Data Analytics
- Single Unified Architecture covering ETL, BI and Data Mining
- Pre-built OLAP Cubes for self-services
- Ready to deploy Data Warehouse Model
- Pre-built Role based Dashboards
- Smart Phones, IPads and Tablet Compatible