Insurance organizations regularly receive a lot of data, that can be difficult to handle with outdated processes. The crucial functions of the insurance process such as underwriting and claims processing need to be handled carefully and quickly – something that only well-informed teams can execute.
However, insurers aren’t just tasked with these cumbersome processes, but also need to focus on patient experience. Delivering great patient experiences plays a huge role in the success of an insurance provider, considering the drop-off rates in the US market.
At the same time, sales teams need data to keep tabs on performance, revenue, competitor analyses, etc. They tend to spend a lot of manual effort in report creation, effectively increasing the time taken to derive insights from data that can drive decisions. Additionally, a lack of clearly defined KPIs backed by solid data leaves the sales unit astray.
Why do insurers face these issues?
The nature of the insurance business is one that involves the uncertainties of life. Additionally, payers are clearly lagging behind in setting up defined roadmaps and KPIs that can be a guiding force. Many insurance organizations also struggle with the claims process due to inefficient processes to identify fraud.
While this happens largely due to a high amount of raw data that makes it take longer for the business to get insights, there is a cure.
How can Business Intelligence help?
Business Intelligence (BI) is a technology that is popular for helping businesses understand their performance and make data-driven decisions.
BI can help insurers across business functions, and can mitigate risk while also saving time.
Take a look at Business Intelligence solutions that insurers can implement to solve their headaches
1. Predictive Analytics:
Predictive analytics is a branch of advanced analytics that leverages historical data to spot trends and patterns, to make future predictions. It uses techniques such as data mining, statistical modeling, and machine learning, to go about its’ work.
It is generally used to streamline operations, and mitigate business risks. When used well, it can also help organizations boost revenue.
2. Claims Management Software:
A claims management software is self-explanatory. It improves accuracy and helps businesses minimize the turnaround time in the claims process, automate calculation, and also reduce operational costs.
Additionally, a claims management software can help the business gain better insights.
3. Report Rationalization, Data Visualization & Dashboarding:
Report rationalization deals with making the reporting process more efficient by eliminating unnecessary reports, merging overlapping reports, and upgrading reports wherever appropriate. It helps the business get access to better quality data quicker.
The data received from these reports can then be made into visualizations and dashboards, using customized metrics in accordance with business needs. Dashboards further help in transforming data into insights.
The benefits are for insurance organizations to reap!
1. Fraud Detection:
Business Intelligence uses historical data, machine learning algorithms, and statistical modeling to deep-dive into consumer behavior. The software uses data from different sources, and processes it to give businesses accurate predictive insights. This in-turn enables the business predict frauds.
2. Seamless Claims Management:
With a web-based report delivery system, BI converts large amounts of data into easily accessible insights – on demand! A claims management software gives practitioners a bird’s eye view of the process, and allows them to pay attention to handle each claim efficiently. If more data is needed to make a decision, BI also facilitates third-party data.
Additionally, business intelligence also helps insurers in invoice generation.
3. A better equipped Sales Team
Business intelligence services can help significantly reduce time spent in the report-creation process. It also helps teams understand data by minimizing and consolidating existing reports. BI analyzes historical data and gives a clear idea of buyer behavior. Sales patterns can also be analyzed to project future sales and revenue accurately.
Sales teams can also use BI tools to create visualizations and dashboards, and track important metrics such as year-to-date revenue, sales, and discounts, in real time.
4. Improved Underwriting Process
Data visualization helps underwriters get a comprehensive view of the market. Using business intelligence, underwriters can closely monitor the process, identify possible roadblocks, and also identify areas of improvement.
How can Nalashaa help?
Nalashaa helps insurance providers with bespoke business intelligence services to fit your exact requirements. Our data-experts are equipped to take ownership of BI processes, and ensure that you’re able to set measurable business goals to track your business health in real-time.
Nalashaa also offers complete transparency at all times, so you won’t have to spend time in follow-ups.
Get in touch with us at info@nalashaa.com!
