Big Data in Insurance Industry

Transforming the Insurance Industry

Integrate, Innovate, Improve

The technological advancements in the digital domain such as Big Data analytics, AI and Machine Learning have started changing the dynamics of insurance industry. The increasing use of these techs bear the potential of completely transforming the industry with insurers getting valuable insights from the user data which is contributing in making their business decisions more intelligent. 

Experience the power of Advanced Analytics

The COSO IT consulting services in the insurance sector have proved a boon for many insurers as they are now able to utilize the incoming user data optimally with never before business insights. Our consultations starts with making you realize the potential benefits of huge amount of user data coming from different sources. At the same time, our advanced end-to-end consultation works in the direction of taking your insurance business to a new growth trajectory with immense possibilities. We help insurers attain a more focused approach with streamlined costs and at the same time discovering new business possibilities in the form of discovering new customers and market segments. Here are the major advantages of our insurance consulting solutions: 

• Start small and scale-up
  
• Improved decision making power with accurate insights 
  
• Enhanced customer experience with knowing exactly what they want
  
• Innovate with customer data and figure-out best possible solutions
  
• Save time with accelerated process and fast results
  
• Find new customers with improved business intelligence 
  
• Make positive changes in your products and services with effective data analysis
  
• Get useful insights on customer and market behavior 
  
• Leave behind your competitors with unique and innovative solutions
  
• Make your decision making process quick and effective

Artificial Intelligence (AI) – Take the logical next step after Big Data

Here are some important questions for any organization in the insurance sector that AI can answer easily. 

• What can be predicted for the future developments with current data?
  
• With the valuable insights we have, what processes can be optimized?
  
• Which of the processes can be made automated?

Artificial Intelligence is the logical next step after implementing Big Data for any firm working in the insurance domain. Unlike the traditional analytics which uses the historical data for making informed decisions, our AI powered solutions go one step ahead by boosting the predictive intelligence of your business. Our AI solutions have been able to solve the problems of high significance such as claim handling, pricing and fraud detections. Here are some of the big challenges in different aspects of insurance sector that our Big Data and AI powered solutions can help your business overcome:

Efficient Claim Management with Fraud Detection

COSO IT delivers customized AI solutions that can automate a major part of your claim handling process. This in result can reduce the overall processing time as certain claims can be fast tracked. With this, the handling cost goes down along with a significant enhancement in the customer experience. Fraudulent claims can also be identified with the similar efficiency, thanks to our reliable algorithms. 

Our consulting team delivers such AI solutions that have self -learning abilities and they keep improving the entire process for unseen cases, giving a boost to the detection efficiency over a period of time. What add more power to our solutions are the exceptional Machine Learning capabilities, so that the assessment of severity of the damages and prediction of the repair cost can be done automatically.

Preventing Loss and Underwriting

Manual underwriting makes the entire process of claim settlements slow and inefficient. We deliver the solutions that can speed-up the process with automatic underwriting. This way, the expensive tests become unnecessary as all the relevant data sources get integrated for quick results. 

Enhanced Customer Experience with Effective Marketing

Our solutions enable the businesses in get a detailed view of customer profile so that a personalized and customized offering can be made to each customer. This way, the customer satisfaction and customer churn probabilities also get a boost. 

Chat Bots or Virtual Assistants

Virtual assistants have become a need of the hour as customers now spend a significant amount of their day’s time on messaging apps. It is essential to automatically process the customer’s wishes and worries. To do these tasks in a personalized way, we have customized our solutions with NLP (Natural Language Processing) and sentiment analysis. 

Besides the above-mentioned tasks, our solutions touch almost all parts of the insurance business including:

• Claims
  
• Treaties
  
• Asset management
  
• Real estate management
  
• Collateral
  
• Compliance documents
  
• Regulatory papers
  
• Reserves
  
• Policies 
  
• Subscribers
  
• Merger and acquisition (M&A) activity 

There are a number of segments in insurance industry where we deliver our expert solutions, such as:

• Home Insurance
  
• Car Insurance
  
• Real-Estate
  
• Re-insurance
  
• Credit card firms
  
• Fund managers
  
• Commercial lenders
  
• Transportation 
  
• Banking firms