Imagine what you could do with insight from numerous sources. Would you let 1,000+ reviews influence your buying decisions? Or, would you let market trends dictate what your next job should be? With big data, you can do all this and more. That’s why insurers are taking advantage of the insights big data provides to enhance their businesses and relationships with policyholders. Check out some of the ways below.
Underwriting and pricing
Using big data, insurers can very quickly identify whether a new business opportunity is right for them, and how to price the policy. Big data collects information from existing policies with the insurer and similar accounts with other carriers. This may provide the policyholder with a better price and more efficient delivery of new business quotes.
Claim resolution
Like underwriting, claim processing and resolution can be expedited with big data. Big data from claims is seen in many quick processes used by insurers today. It allows policyholders to input claim data and receive a resolution or, at minimum, an estimate for the amount of time required to resolve the claim and the potential cost. Budgets and bottom lines can certainly benefit from this use of big data!
Risk management trends
Many insurers collect data from pilot programs and risk management technologies. When this data is combined across numerous policyholders, insurers are able to spot risk trends quicker. In turn, they can share this data with policyholders and even create new technologies that further combat the risks. Enough big data can even contribute to a proactive safety culture for businesses.
So, how will you use big data in partnership with your clients? To learn more about how Amerisure’s data and analytics can support your business, contact your local risk management or claims representative.
