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Trends and Outliers

TIBCO Spotfire's Business Intelligence Blog

Category Archives: Insurance

08/30
2013

Predictive Analytics for Insurers: Tackling the Seemingly Unpredictable

The insurance industry is facing myriad challenges – ranging from severe weather to aging populations and customers with ever-increasing customer service expectations.

shutterstock 137855798 272x300 Predictive Analytics for Insurers: Tackling the Seemingly UnpredictableTo combat this evolving landscape, insurers should deploy predictive analytics across their enterprises to prepare for future market anomalies and opportunities, according to a new report from Ovum.

Insurers should deploy predictive analytics for marketing, product development, channel management, new market identification, customer acquisition and retention, customer service, litigation management, claims management risk management and cost control, the report notes.

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08/26
2013

Big Data Analytics to Mitigate Risk in Banking, Insurance

In today’s economy, financial services firms and insurance companies are forced to contend with heightened regulatory environments and a variety of market uncertainties.

shutterstock 16137337 300x294 Big Data Analytics to Mitigate Risk in Banking, InsuranceThat’s why it’s more critical than ever for these enterprises to make effective use of big data analytics to pinpoint and mitigate potential exposure to risk and loss.

The fact is, risk levels remain high and are on the rise for banks and insurance companies around the world.

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08/19
2013

Accurate Insurance Data Analysis Needs Accurate Data

There’s no getting around it – when it comes to the insurance industry new customer channels are continuing to pop up.

inaccurate  Accurate Insurance Data Analysis Needs Accurate Data  Although many customers still use independent agents and call centers, many policyholders are looking to conduct business online and via their mobile devices, according to an article in Insurance & Technology.

And that means insurers have to move to online and mobile channels to satisfy their customers.

While moving to these new channels can do much to improve business, it can also create some unique challenges, one of which revolves around collecting customer contact data, according to the article.

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07/22
2013

Car Insurance Data Analysis Helps Acquit Man of Murder

Right about now, Cleveland, Ohio resident Michael Beard is thanking his lucky stars, not to mention the Progressive Casualty Insurance Co.’s data-collecting Snapshot device, for his freedom.

not guilty 150x150 Car Insurance Data Analysis Helps Acquit Man of MurderWhen Beard agreed to install the usage-based insurance device in his car all he wanted to do was save a few bucks on his premiums.

He had no way of knowing that the data collected by that monitoring device would help clear him of murdering his seven-month-old daughter.

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05/31
2013

Data Analytics to Cut Healthcare Costs: Just What the Doctor Ordered

As medical costs continue to soar, employers are struggling to provide health insurance to their workers and families. To fight these costs, companies have to find new ways to keep spending down.

cut small business healthcare costs1 Data Analytics to Cut Healthcare Costs: Just What the Doctor Ordered Enter data analytics.

More employers are turning to data analytics to find ways to save money for themselves and their employees without reducing their workers’ healthcare benefits, according to an article in The Institute for HealthCare Consumerism.

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04/22
2013

The Geico Gecko: Born of Big Data Analytics

Unless you live in a cave, you’re well aware of the Geico insurance company’s Gecko spokes-lizard. You probably know that he’s about six inches tall; his scaly skin is a calming shade of green; he has a winning personality – although some might say annoying – not to mention a “loverly” Cockney accent.

petridish The Geico Gecko: Born of Big Data AnalyticsHis claim to fame is that he loves people, and he especially loves helping them save money on their car insurance.

But there are a couple things about the Geico Gecko (@TheGEICOGecko) that I bet you don’t know.

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02/28
2013

5 Areas Where Predictive Analytics Can Help Insurance Firms

The insurance industry’s past success has been due, in part, to its cautious and risk-averse nature. But to succeed in the future, insurance companies have to adopt new technologies like predictive analytics, according to a blog post by Joe McKendrick in Insurance Networking News.

image topper insurance 5 Areas Where Predictive Analytics Can Help Insurance FirmsIn the post, McKendrick points to a paper written by Deloitte’s Howard Mills that makes a strong business case for advanced or predictive analytics within insurance organizations.

Mills’ opinion is that predictive analytics will help insurance companies better understand future threats and opportunities. And Mills believes that insurance companies will be more successful by embedding analytics into their business processes, McKendrick explains.

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02/19
2013

Data Analysis Powers Paradigm Shift for Insurers

Consumers are becoming increasingly demanding about the way they purchase products and services – a shift that is affecting every industry from consumer product goods to health care.

risk1 Data Analysis Powers Paradigm Shift for InsurersThis new competitive landscape – where consumers expect the seamless choice and accessibility that online retailers offer – is also challenging the insurance industry, according to a study from PricewaterhouseCoopers.

The research report, “Coming to Grips with Market Transformation,” summarizes key findings from interviews with 92 insurance CEOs in 39 countries.

The report notes that the insurance industry is poised to evolve from a “reactive claims payer to preventative risk manager,” a move that’s powered in large part by data analysis and data discovery.

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01/11
2013

Predictive Analytics – Insurance Industry Woes and Worries

Time and money – these are the reasons many CEOs in the insurance industry aren’t too keen on embracing predictive analytics, according to a panel of high-ranking actuaries and executives at the recent annual meeting of the Casualty Actuarial Society.

Attunity Insurance Predictive Analytics – Insurance Industry Woes and WorriesIn the presentation, “What Executives Need to Know about Predictive Modeling,” panel members sound off on ideas to help educate and encourage insurance CEOs to move forward with predictive analytics insurance models to improve operations.

Because CEOs are concerned about the time it will take to implement predictive analytics tools, not to mention the cost, the panel acknowledges that it’s up to actuaries to advocate for these tools by clueing the execs in on their potential return on investment and other benefits, according to the Casualty Actuarial Society.

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