Big Data in Insurance
Big Data and analytics is essential to Insurance industry because primarily it works on the principles of risk, hence setting policy terms or performing a real-time time analysis of data forms a basic need. For e.g. identifying fraud or setting policy terms based on the combination of incoming data, social media data, geographical data, historical data becomes a need. Bringing in weather sensor data and other related data into the dataplaform helps customers can be made aware of the disasters or catastrophes so that they can safeguard their properties and lives in some cases.
Bigdata Experts at Sentienz understand the game of scale, we understand that insurance companies need a platform to support their specialized analytics solutions. Also we respect the existing IT Infrastructure and allow smooth adoption. Our platform enables you to fasten the road to advanced analytics.
Bigdata “What” Data
Insurance sector deals with unstructured data as well as structured data. Key use cases like fraud identification and setting policy terms can be realized only when data from social media, demographic data , internal historical data are seen together. Sentienz data platform Half-life helps in ingesting data from varied source to achieve the analytics goal.
Bigdata Insurance Usecase
To lower costs, insurers often implement fast-track processes that settle claims instantly. But settling a claim on-the-fly can be costly if you overpay. Any insurer who has seen a rash of home payments in an area hit by natural disaster knows how that works. By analyzing claims and claim histories, you can optimize the limits for instant payouts. Analytics can also shorten claims cycle times for higher customer satisfaction and reduced labour costs. It also ensures significant savings on things such as rental cars for auto repair claims.