The Insurer, Insurance Company, or Insurance Carrier is the entity who provides insurance. The person who purchases the insurance is known as insured or policyholder. Primarily, the insurance is an insured amount expecting that it is a guaranteed amount to the make the loss relatively small than the actual one. The insurer makes payment against the loss of the policyholder in exchange for the insurer’s promise to compensate the insured in the event of covering the loss. The insured person got an insurance policy, on behalf of the contract between the insurer company and insured person.
More executives at property insurers — who worry about tight profit margins and growing competition — plan to take advantage of the potential benefits of the increasing amounts of captured data. From weather patterns to social media, new sources of data could help them streamline costs, be more targeted with the risks they want to underwrite, identify new customers, predict fraud or identify which claims have the potential to become very expensive.
One emerging area of increasing interest to property insurers for generating data and serving customers is the smart home. This refers to household devices and systems — from doorbells to air conditioning — that produce data and can be controlled from anywhere by computer or mobile device…unlock more
Challenges in the Insurance Industry:
There are several challenges in the insurance industry:
- Declining Profitability
- Sustaining competitive advantage
- Compliance and Risk management
- Flat market growth
- Providing customised products to meet segments needs
- Need to reduce operational costs
- Increased regulatory oversight
- Low-interest rate environment
Role of Analytics in Insurance Industry:
Analytics is helping insurers take smarter decisions while managing the myriad challenges they face. As insurers start leveraging analytics, even more, they turn to third-party service providers to help them scale up quickly, while also keeping costs in check. Consequently, adoption of third-party analytics business services is increasing rapidly and is expected to quadruple by 2020. Analytics solutions have grown rapidly over the last decade in terms of their sophistication and the resulting business impact they create…unlock more
In this e-book we will explore:
- Challenges in the Insurance Industry
- Role of Analytics in Insurance Industry
- Sales Analytics
- Customer Analytics
Unlock the whole report on Insurance Industry for in-depth knowledge about this industry.
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