The availability of real-time analytics has been a game changer for the insurance industry. Would you believe that a 2018 Forbes magazine article said that 90% of data used around the world at the time was produced in the previous two years? Not only is this data connected to real-time analytics used by insurance carriers, but it also influences decisions across an incredible range of businesses. It empowers and informs decisions in sectors such as healthcare, environment, banking, entertainment, advertising, marketing, and more.
Real-time analytics is here to stay and has definite future potential across society. Why don’t we explore some of the ways that access to real-time analytics can truly assist insurance carriers and agencies?
Increase Brand Loyalty
Knowing customers well is critical for carriers and agencies. The more data that insurance institutions have about who their customers are and what they’re looking for, the better they’re able to meet client needs with the range of products they offer. Being accountable to customers and predictive of their insurance requirements goes a long way to earning customer loyalty.
Increase Efficiency
Real-time analytics increase efficiency in several ways. It allows carriers and agencies to reduce red tape and wait times to make decisions faster, something that is particularly important in a tight market condition. In addition, the ability to easily run reports helps the insurance companies better measure their success, as well as strengthen regulatory compliance by providing information in a timely manner to government agencies.
Improve Decision-making
Having current information from multiple sources assists insurance carriers to accurately assess loss run processing requirements before renewing services. The ability to instantaneously determine insurance history from the tracking of payments and claims made on real time basis can be helpful in making quick decisions.
Use More Effective Marketing
The success of insurance carriers depends, in large part, on strategic marketing to their existing and potential customer base. This is where being able to easily acquire demographic information, analyze emerging trends, keep abreast of changes in the local economy, and assess their competitors’ marketing strategies in more detail is invaluable. Real time analytics enables this in ample measure. Armed with this information, carriers can gain the strategic early-to-market advantage.
Collect More Valuable Feedback
While a solid ongoing marketing campaign is crucial to attract new customers, insurance companies should not stop there. Insurance customers are seeking fast and friendly service and proven expertise. By regularly surveying existing customers to find out how their expectations can be better met, banks and insurance brokerages can generate some practical real-time data on customer satisfaction. This helps in fixing the loose ends in the service in a lightning fast manner, and check customer frustration before they become major issues.
Enhance Competitiveness
Real-time analytics can help insurance quickly innovate to meet new competition standards. The opportunity to be nimbler and forward-thinking by offering new products at more competitive rates can be especially helpful for smaller insurance agencies, thus raising their profile to potential customers.
In the competitive and fast-paced business of insurance lending, real-time analytics will only become more important and continue to positively impact the industry. Savvy use of accessible data will lead to noticeable growth for forward-thinking financial institutions. From assisting with improved customer service and faster insurance processing to better business practices and higher profits, real-time analytics is an irreplaceable innovation for the insurance industry.
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