The insurance industry is currently undergoing significant transformations, thanks to the rapid technological advancements. The need for relevant data and the tools delivering accurate operational results on carrier portals has paved the way for the competitive urge to serve customers better. Insurers now have the privilege to access data through the value chain involving social media, the mobile, blockchain, IoT, and connected devices. Insurers are leveraging outsourcing and RPA integrated into a SaaS environment to drastically reduce costs, simultaneously improving cycle times, productivity, all while adhering to compliance without altering the existing systems.
That’s not all. The insurance industry is experiencing enhanced pricing and selection process, due to improved data insights. This implies that insurance institutions are growing more capable of putting the collected information into action. Containing mostly firsthand information gathered from social media platforms, interactions between customers and claims specialists via smart devices as well as other media, these data sets are more directed to the customer and therefore, add value to the insights.
As customers keep searching for personalized services, which calls for improved predictive analytic systems. These systems are enabling carriers to prioritize claims in order to save money, time as well as resources while raising customer satisfaction and engagement bar. Leveraging predictive analytics, carriers are able to identify potential threats and prevent it from occurring. Organizations are also making use of predictive analytics for identifying outlier claims. Insurers are effectively reviewing previous claims and automatically sending them to claims specialists. Alerts or notices of potential complications or losses are helping insurers cut down these claims, hence prevent losses.
Assisting enterprises further enhance their efficiency and profitability, a distinguished panel comprising CEOs, CIOs, VCs, Analysts and the editorial board of Insurance CIO Outlook has selected a list of Insurance Analytics Solution Providers.
We present to you Insurance CIO Outlook’s “Top 10 Insurance Analytics Solution Providers 2019.”
Top Insurance Analytics Tech Solution Companies
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Develops IoT driven solution sets for the insurance landscape by utilizing telematics programs
A leading risk management solution provider that helps clients leverage the power of data to make better-informed business decisions
Fuzion is driven to transform the long-term care insurance industry through its deep expertise in LTCI block management and data analytics
The firm helps insurers to create and maintain profitable portfolios through proprietary AI solutions that automatically match the right risk with the right price
Provides Legal Analytics that enables lawyers to produce and craft successful strategies to win more cases and close more businesses
The premier dental insights company providing payers tools to optimize, improve operations and maximize efficiency
4Sight Business Intelligence
Offers a Property and Casualty Suite including preconfigured reports, dashboards and property and casualty specific analytics for underwriting, claims, billing, management, and reinsurance
Offers a cloud-based platform to manage, process, view, analyze, and collaborate around data for insurance, property management, mining, quarrying, and construction
Develops artificial intelligence-driven data and analytics property solution using geospatial imagery, computer vision, and machine learning techniques for the real estate market
A cyber risk analytics platform that uses powerful data-driven insights to enhance insurance process across broking, underwriting, aggregation management, reporting, and risk transfer