Insurance analysis technology enables insurers to gain insights from their tasks, which could identify short-term opportunities while placing them in the long term for further opportunities from intelligent digital innovations.
shows that North American insurance companies can reap a profit of 10-20 percent by investing in the broader range of intelligent solutions, including analytics.
The computerized digital insurer
We are just starting to see new Digital opportunities play out in the life insurance and annuity industry with their large company reserves and third party data. High-performance digital insurance companies are increasingly relying on data for insights that add value to customers while discovering potential new revenue streams and operational efficiencies. They also acquire data from more sources than before, including a growing number of third-party sources in addition to partners, customers, entities and enterprise information systems. In fact, over half of the American tier 1
But several insurance managers explained that while most insurance companies own a corporate analytics application, they lack the computer literacy capabilities and / or an L&A specific analysis function to generate relevant insights from data that can improve their business development. They also found it challenging to collect data from different sources into a standardized and efficient computer model. According to our survey, L & A managers ranked better profitability and insight into customer behavior in order to improve the customer experience as two of the best opportunities they were looking for from their data.
It was when a light bulb went off. We linked Accenture's extensive computer science expertise with its L&A experience to build a data analysis solution for the Accenture Life Insurance & Annuity Platform (ALIP). The framework is designed around four important L&A domains:
- New business and insurance policy
- Operational performance
- Agent and consumer behavior
- Product and marketing
We included a data model to convert data aggregated from many sources, along with predictive and forecast models. This combination of analysis solution and data model targets the insurance companies' short-term needs to effectively collect data, visualize it relevant to their business needs, and attract insights from it. We believe that insurers can get even more value from their data in the long term.
Insurance Analysis Provides Short-Term Profits and Supports Long-Term Strategy
Data is a competitive differentiator, with artificial intelligence ready to gain momentum in the L&A industry over the next few years. High-performance digital insurance companies, with a long-term data strategy and the technology to enable it, can discover new opportunities for future growth and innovation while continuously improving daily operational efficiency.
Underwriting is one such area where insurers can apply analytics to draw insights that provide significant efficiencies. Automation, machine learning and seamless ecosystem connectivity can generate significant process efficiencies by enabling machines to talk to each other to automatically collect displayed data, process it in real time, and either issue a political decision or connect to an insurer for further review. Insurance analyzes are based on the process and identify problems, such as delays, and recommend remedies. These valuable insights can help insurers negotiate service levels with third-party vendors or evaluation capabilities.
This example illustrates how the insurance industry – entirely in the "Vulnerability" quadrant of the Accenture's Disruptability Index – turns to what we at Accenture call "The New" and apply technology to build enhanced services that alleviate customer's pain points. Because our industry is trying to balance earnings and loss pressures with strategic decision making, data and analyzes give greater clarity to adapt your business as a result of what the insights tell you today.
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Reimagining Insurance Processes with Intelligent Solutions
Disruptibility Index for Insurance