Over the past few years, technology advances have transformed almost every aspect of our world, from how business is conducted to what customers expect from the companies they do business with. However, the life insurance sector has lagged behind in this transformation.
For example, while many insurance carriers have introduced e-applications, adoption rates have remained relatively low. And while insurers have integrated some automated processes into their workflows, in large part the life insurance industry as a whole (and the underwriting function in particular) has fallen short of fully embracing the technology and data that can be truly transformative―both for insurers and their customers.
Think about this. What if you could underwrite a policy in hours, rather than days or weeks, without disrupting customers or asking them to submit to additional lab tests, while also being confident that the information you based your decision on is comprehensive and accurate? Or, what if you could automate routine and time-consuming risk-related tasks so your underwriters could apply their skills more appropriately to complex risks that need more personalized attention?
Serve customers better and drive new growth
Big Data analytics is the blend of technology and data that provides these capabilities and more—transforming your business to better serve customers and drive new growth. By applying Big Data analytics, life insurance carriers can gain valuable business intelligence and insights. They can measure, model and predict outcomes―often in real- or near-real time. This knowledge and understanding lead to smarter decisions and improved outcomes for you and your customers. Imagine the difference these capabilities could make to your business.
In my next post, I’ll share specifically how you can unlock opportunities in your underwriting process and transform your business by embracing Big Data analytics.