IT Solutions for Insurance Industry

Insurance Analytics

Insurance companies operating in their status quo business model will be at a competitive disadvantage in the coming years. Increasingly, insurers must provide unique products and services tailored to meet the diverse needs of their producer and consumer communities. To do so, they need a deep understanding of complex customer behaviors, market segments and product life cycles. The ability to capitalize on these new market opportunities will depend on an insurer’s adeptness at identifying new customers and producers and retaining profitable ones, providing the right products at the right time, and giving customers top-level service through multiple delivery channels. Analytics represents the next frontier for this industry, and even with the challenges posed in shifting from a sales culture to an analytic culture, the industry is well positioned to start down this path.

Lapse and Persistency Rates

Lapse experience on individual life products for various policy and product factors provides carriers with bench-marking and background information for product development, planning processes and marketing strategies. Lapse Analytic’s data will aid…

MARKET ANALYTICS

xtLytics predictive analytics for captive distribution models can provide leads to the producers. Insurers with this capability are combining their internal data with third-­- party database marketing solutions to mine their own books of business for opportunities.

Sales Analytics

Most insurers sell more than one product line, and as the producers increase the breadth of products they sell from a provider, they become “stickier”. They sell more, they have higher account values, and they have a longer tenure with the provider. 

GROWTH & PRODUCTIVITY IMPROVEMENTS

Senior Agents effectiveness solutions focus on two elements: more effective support models for existing producers and more effective analytics to attract retain and optimize the producer workforce. Leveraging big data analytics, Agencies can now estimate.

Sentiment Impact on Sales and Lapse Rates

Social media plays significant role in today’s business strategy. Insurers need to study and monitor their standing in social media to develop successful go-­-to-­-market programs. Monitoring how sentiment in social media impacts sales and lapse 

Territory Demographics and Sales

The field organization needs to be in the right place to take advantage of opportunity. Throwing a representative into a territory based purely on population is ineffective. Using demographic data and identifying target markets enables… 

Compensation & Future Sales

Carriers have incredible amounts of information on producer’s compensation from their sales transactions that produce terabytes of data annually. However, most companies  are unable to do much with that big sales data  – although it can be the 

Producer Analytics

Companies need to manage successful producers and get them to sell their products over those of their competitors, as well as align their selling with corporate goals. Insurers are looking for Analytics tool that allows them to generate and analyze compensation  

Producer’s Book of Business

A Producer’s book of business is his most valuable professional asset. Yet, the ongoing opportunities that lie within it often go undisturbed, as producers tend to focus on prospecting for new clients and paying extra attention to their biggest clients.   

Renewing Agent’s Appointments

Many diversified insurers rely on negotiated selling agreements with broker-­-dealer firms and banks to sell their product lineups. In fact, roughly 92 percent of life and protection products are sold through third-­-party distribution arrangements.  

FRAUD PREVENTION

Big data and analytics can play a critical role in addressing the increasing prevalence of fraudulent or unethical selling practices to quickly gain additional insights. At the underwriting stage, insurance companies can employ big data and analytic’ s.

CLAIM PROCESSING & OPERATIONAL ANALYTICS

Operational analytics covers a broad spectrum of initiatives within the diversified life insurance industry, and can cover areas such as workforce and workload optimization and call center analytics. Claims management is a critical process…

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