Big data can prevent insurance fraud

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 08, 2021, 10:49 AM UTC

Insurance companies can streamline the internal process, like customer feedback assessment and policy sales performance, via Big data analytics.

Insurance businesses would do well to adopt big data services, as big data can use data analytics to help resolve data issues and create a seamless customer journey. Data analytics tools allow insurance businesses to evaluate past consumers behaviours and identify and investigate claims that are likely to be fraudulent.

Brands can use big data to conduct a detailed risk assessment of applicants and analyse information, like criminal records, before issuing policies. Reports from data analytics enable brands to examine and enhance their business’s weak areas and boost employee performance.

Data analytics can further help create personalised policies while identifying risks, fact-checking information and simplifying complex claims. Insurance companies can save costs on labour and improve accuracy by using big data in settlement cases.

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