How Insurance Companies Can Unlock Better Outcomes with Custom BI Dashboards

Data has quickly become the most valuable currency in the digital age, and insurance companies are sitting on sizable untapped data reserves. Insurance companies consistently see an influx of data — actuarial data, market data, claims data, customer data, etc. While many businesses in other industries are still figuring out how to derive value from data, the insurance industry has discovered that business intelligence is the key to realizing its potential. 

With that in mind, let’s talk about business intelligence — specifically, what it is and how insurance companies can benefit from it. 

Explore Customer Service and Operations Opportunities with Real-Time Data 

Real-time data opens a wealth of opportunities. Whether you want to optimize an existing solution or wish to understand the nuances of policy sales, risk management, or regulatory compliance, real-time Business Intelligence plays an essential role in every aspect of informed decision-making. Companies can respond to changes faster than ever and turn adversities into opportunities.   

Custom BI dashboards and reports help sales managers and representatives understand the information from the underlying data in a fraction of the time it previously took, so they can determine which areas of the business are performing well, ones that need attention, and areas that have potential growth opportunities. Our BI developers and consultants have a proven approach specific to the Insurance Industry to develop real-time dashboards that deliver tangible business outcomes.

Empower Your Sales Team with Detailed Visualizations of Performance 

Many insurance companies are tasked with managing an extensive and even globe-wide catalog of products. In order to meet and exceed quarterly expectations, managers must constantly monitor each sales rep’s performance, their products, and the nuances of each territory. A BI solution can provide real-time reporting and visualizations of product and sales rep performance. This allows managers to quickly determine if they are exceeding expectations, areas that need improvement, and potentially profitable opportunities. 

Optimize Various Business Processes  

BI platforms have the ability to introduce efficiencies into a variety of processes, like claims management, underwriting, and sales. 

Sales 

An insurance BI solution can support cross-selling and upselling efforts. BI will allow you to see the total number of quote requests and categorize them based on custom parameters – product, region, industry, company size, etc. Your sales team can identify opportunities to sell additional products/policies with this support. 

Underwriting 

Insurance BI can provide a more comprehensive view of the underwriting process and the various stages by providing data visualizations. This makes it possible for you to closely monitor each stage of the underwriting process and each step in every stage. In addition, BI can help you identify potential bottlenecks and recognize opportunities to improve. 

Claims Management 

Insurance BI solutions give claims managers a more holistic understanding of key processes and performance. When integrating BI with a CRM system, claims managers can also gain access to better customer profiles. Managers can review a customer’s previous claims and additional customer information to expedite the process while providing a more personalized experience for the customer.  

Dynamic and Comprehensive Reporting to Combat Fraud 

Like many other industries, insurance is vulnerable to risk and fraud-related challenges. Business leaders need to have a comprehensive suite of business intelligence solutions and customized services based on the nuances of their business to address challenges ranging from early warning, real-time identification, and mitigation, or prevention that helps address challenges related to risk, compliance, or fraudulent events. 

Our practitioners can work with your teams to build on top of the best practices around Risk and Compliance management and evolve the right level of customization suited to your environment. We can help navigate the journey from data analytics and data strategy to building out advanced data science and predictive analytics solutions. 

Identify and Act on Profitable Opportunities 

As with any other business, insurance companies must look for ways to maximize earnings. Executive teams need a centralized location to see the whole picture of their business from a bird’s eye view. BI software leverages data analytics to create detailed visualizations, which decision-makers can use for actionable insights.  

In addition to detecting fraud, insurance companies can use this capability to monitor market trends to make more strategic business decisions. These visualizations also make it possible for companies to monitor the performance of the various agencies they partner with and products within their catalog and determine where spending a little extra time and attention could lead to increased profit. 

Predict Future Trends and Anomalies like Policy Cancellations 

Predictive analytics is extremely powerful, which is why insurance players have used this technology for years. They understand past insights and can compare them with current events to predict future trends. Insurance companies construct basic patterns to receive fundamental insights about the insurance business and the complex relationship between agents and clients.  

Furthermore, predictive analytics helps with better claims management and clearer underwriting services. The technology also addresses the challenge of untimely policy cancellations. Predicting policy cancellations refocuses insurance companies’ relationships with clients and their ability to develop a business plan with a uniform growth revenue model. 

Leverage Microsoft’s Power BI for Improved Decision-Making 

Power BI for Insurance takes the copious amounts of data created by day-to-day insurance company operations and carefully analyzes that data to uncover actionable insights that drive business results. Some capabilities are explicitly built for the insurance industry, such as a 360-degree view of your business, powerful data analytics, interactive dashboards, and more. 

Want to learn more about the benefits of insurance business intelligence? Or how Power BI can help insurance companies reach desired outcomes faster?  Reach out to an expert to discover how you can digitally transform your business.