Big data significantly benefits the insurance industry by enhancing efficiency in areas like fraud detection, underwriting, and risk assessment. Tools such as data analytics and predictive modeling allow insurers to optimize fund balancing, improve claim processing, and better segment customers. Ultimately, leveraging big data can lead to increased customer retention and improved return on investment.

2. Big data can come to the aid of
the insurance industry to help
them sort through information
and use it to their advantage.
How is BIG DATA useful?

3. Big data can come to the aid of
the insurance industry to help
them sort through information
and use it to their advantage.
Can BIG DATA deliver?

4. Benefits
Big Data has a wide range of benefits to offer to the
insurance industry.

5. Fraud Detection
Data analytics tools such as
text mining, database searches,
modeling, and exception
reporting can be effectively
used in combination with
regulatory practices to identify
fraudulent claims faster.

6. With the text-mining tool, large
volumes of text can be quickly
processed to identify potential
subrogation situations and prompt
action can be initiated saving the
insurer a good deal in claims.
Enforce Subrogation

7. Settlement
 Insurers are hard pressed for time and small
claims are often settled without probing too
deeply into the facts of the case.
 Big data analytics can be effectively used to
analyze claims.

8. Fund Balancing
Trending and predictive analytic
tools can help insurers make
informed judgments about fund
balancing and optimization.

9. Litigation Costs
Predictive analysis using big data
analytics can help insurers identify
difficult cases and assign them to
experienced people who can possibly
settle the claim for lower amounts
without going to court.

10. Underwriting
 Data can be directly obtained from the proposer in digital
form, thus eliminating human error in underwriting.
 Calculations can be automated so that the underwriter is
presented with data in the format that he requires.

11. Premium Rate Monitoring
Big data can help the insurer
perform calculations quickly
and conduct analysis to
predict future premium rates.

12. Customer Segmentation
With big data analytics,
insurers will be better able to
group their customers and
calculate risk-base premiums.

13. Value Added Service
Big data insights can help you
decide your value added
services to be offered to loyal
customers.

14. To sum up
In order to attract and sustain
customers, business intelligence and
data analytics can help the insurance
industry gain in their business and this
translates directly into increased ROI.

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17. For any queries on BIG DATA

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