Newer technologies are set to accelerate the insurance sector and data analytics will, in the next few years, change its very nature. Several insurers saw this coming and are taking baby steps to embrace emerging tech, but trends seem to suggest it’s time to make a big leap if you are to get ahead of the competition.   

With artificial intelligence, the role of predictive analytics in insurance is growing rapidly. A September 2021 analysis by McKinsey explored the impact of 10 accelerating trends on various industries and found that five of them, including applied AI and next-level automation, will reinvent the insurance landscape. So, it becomes not only smart but imperative for insurance companies to invest in insurance analytics software such as is an AI-enabled customer analytics framework that can empower insurers with in-depth customer intelligence. It helps insurers leverage insights by making key decisions on product offerings, business models, cross-sell and upsell campaigns while enabling customers to utilize their services better.’s four modules — Data Discovery, Data Optimizer, Customer 360, and Customer Intelligence — cover every need for insurance data analytics. What’s more is that it can help develop strategies based on data insights and implement them, emboldening the role of predictive analytics in insurance. This reemphasizes the age-old and fail-proof customer-first approach with the added advantages of new-age tech.   

Data Discovery — It is exactly what it reads, it is a deep dive into your business processes and data journeys to explore the feasibility of and expected ROI. It is done by Aspire’s experienced data scientists who would, at the end of an extensive study, present to you a report on the findings and a tactical and strategic AI roadmap.   

Data Optimizer – The volume, variety, and velocity of processing the data available define the potential of businesses. Ensuring optimum use of the troves of data your firm has is hence the key. The data optimizer service is responsible for extracting, cleansing, and standardizing data to store a centralized version of each of your customer’s record. Data is collected from all customer touchpoints to create unique customer profiles. It would be a one-time investment for insurers to build a superior customer intelligence platform that supports the learning of customer behaviours.   

Customer 360 — helps insurers enrich customer data to create one true version of customers. With data discovery and optimizing behind us, secure access to sorted data comes next. Customer 360 is the nerve centre that monitors, manages, stores data into a customer hub, and delivers data to relevant stakeholders who are part of your insurance firm. The customer hub would be the one-stop-shop for all customer data — offering a 360° view to all customer-facing personnel. It also increases data integrity across all business systems.    

Customer intelligence Data without actionable insights is only half-good and would chip away many opportunities. Customer intelligence service is AI-enabled and helps build a platform that offers timely, superior customer-centric recommendations. It offers business insights and gives you the ways you could use them. This can help serve customers by pre-empting their wants and needs.    

Predictive analytics in insurance could define your success. Still unsure if you should make the leap? Talk to us for the Insurance digital transformation & know more about our insurance analytics software.   

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