When we think of Business Intelligence (BI) it is very easy to think of product focused business models. Dashboards and reports based on production figures, supply chains and sales numbers. But the benefits of BI are not limited to product-centric industries, the insurance industry is perfectly placed to gain huge advantages from implementing BI. After all, insurance companies are businesses like any other and at their core are seeking to reduce costs, increase revenue and boost profitability.
Becoming More Efficient With Business Intelligence
Using BI tools to get better insights and get ahead of competitors, can be critical in such a hotly contested industry. BI tools allow your staff to make better decisions, with the right data, driving efficiency improvements and therefore, boosting profitability.
If you think about it in terms of risk management – a concept central to the industry – the benefits are obvious. A Risk Management department that has access to up-to-date, detailed and accurate 360-degree risk profiles are far better placed to make better decisions regarding levels of risk.
It is also important to consider the value of BI in terms of regulation and compliance. Insurance has a significant level of regulation and compliance becomes much easier to monitor when you have the right tools for the job. Giving your staff the right data, in the right format at the right time means they can make decisions to keep you above board and in business.
Using Business Intelligence to Improve Customer Experience
Just as BI can make a real difference to how your company manages risk profiles, it can do the same for your clients. Customer portals are nothing new in the insurance industry, and the era of self-service is going nowhere. What insurance companies are not doing though, is allowing clients to access BI around their own risk profiles.
Putting yourself in the shoes of the user (good practice, by the way), it’s very easy to see just how useful this would be for clients. Being able to log into a client portal and see your risk profile, in real-time, means they are better placed to manage their own risk. This is good news for them, they’re at lower risk now, and great news for the insurance company as the chances of a pay-out are reduced significantly.
In an industry so hotly contested, improving customer experience and inspiring brand loyalty can be the difference you need, and BI could be the answer.
If you’d like to know more about how BI could improve your business, talk to us today. We’d love to hear from you.
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