Gain BIG insights into customers, risk and operations in insurance
The sheer volume of data being stored today is exploding. It’s not unusual for individual enterprises to have storage clusters holding petabytes of data. Most cannot deal with the extreme velocity at which this data is emerging. Adding to the challenge is the nature of this data: only 20% of it is structured. This means 80% of our data is unstructured, and not stored in the friendly and manageable confines of a database. Despite the wealth of data and content available today, decision makers are often starved for true insight.
IBM is helping insurance companies harness big data to drive business results. Insurance leaders are focusing on four imperatives to drive competitive advantage and differentiation:
Create a customer-focused enterprise
Predicting customer behavior and obtaining insight into lifetime value are critical to innovative product development and optimize claims/policy servicing capabilities which result in improved customer retention and profitability. Customer care is a major factor in customer retention, and today’s savvy customers demand a wide range of self-service options, as well as more personalized, speedy interactions when contacting the company directly. Carriers must provide innovative services—tailored to customers’ personal preferences—that offer value. They must also deliver compelling offers to the right customers at the right time.
Insurance companies are in need of real-time campaign analysis in order to launch more timely marketing activities and change ongoing campaigns on the fly. This requires high-speed processing of massive amounts of customer data including transactions, contact history, and customer behavior faster than ever before.
IBM’s big data and analytics platform, now known as IBM Watson Foundations, enables insurance companies to:
Optimize enterprise risk management
In today’s complex global environment, carriers must protect against enterprise risks including insolvency and noncompliance. Insurance companies can use the insights gained from analytics solutions to monitor the performance of their financial capital and find ways to:
IBM Watson Foundations provides a scalable, integrated, secure and cost effective way to manage the velocity, volume, variety and veracity of data needed to identify and analyze suspected fraud as well as leverage data for up-to-the-minute risk modeling.
Optimize multi-channel interaction
Integrating new and expanding distribution channel options requires insurers to provide consistent and coordinated experiences across all channels while delivering sales/services cost effectively. This makes it easy for agents, brokers and other distribution channels to do business with insurers and increases the productivity of distribution channels. The value to insurers is a unified distribution channel that allows capturing real-time opportunities and driving an improved customer experience.
Insurers need to improve efficiencies in channel management and enable seamless experience across channels and devices. This enables insurers to increase premium and services levels targeting selected market segments and products with 24x7 availability. By moving interactions to lower cost channels, it gives users the right level of options, personalization, visualization, and rich experience.
If you face this challenge, IBM Watson Foundations can help you achieve the following business outcomes:
Increase flexibility and streamline operations
Insurance companies’ business and operating models need to be responsive in terms of people, process and tools to market conditions, demographic changes, technology progression, insurance product innovations, and unpredictable catastrophic losses. Streamlining business processes via increased automation enables new channels and products.
If you face this challenge, consider IBM Watson Foundations to help you achieve these results:
Big data for insurance resources
Featured insurance expert
Global BAO Market Manager, Insurance - Software Group
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