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White Paper

A Dozen Ways Insurers Can Leverage Big Data for Business Value

 

With the proliferation of social media channels, insurers are receiving voluminous customer data and finding it challenging to process and generate benefits from it. They can channel this overwhelming data to reap benefits like increased productivity, improved competitive advantage and enhanced customer experience by analyzing the data effectively.

Insurers who aren’t exploring and embracing Big Data will lose their competitive advantage and the potential to become efficient. They will be unable to glean actionable insights from the mountains of data flooding into their organizations.

An effective implementation of a Big Data platform creates new opportunities for business stakeholders that were not possible with the analysis of structured content in traditional ways. Big Data platforms do not replace existing traditional data management and analytics platforms. Instead, they complement, add, mature, and improve upon the existing environment and capabilities.

In this white paper, we explore how you can generate value from Big Data in five different ways:

  • Managing Big Data can increase transparency and easily access to the relevant stakeholders.
  • As more transactional data is created and stored in the digital form, organizations can collect accurate data in real- or near real-time, enabling experimentation to identify needs and improve performance.
  • Big Data gives organizations the means to improve customer segmentation and develop and tailor products, services and promotions to target each specific segment.
  • A Big Data strategy can include sophisticated analytics to provide actionable insights that minimize risk and improve decision-making.
  • Big Data is indispensable for organizations looking to create new business models and improve products and services.

We discuss how you can harness and harvest Big Data with a close collaboration between IT and business to experiment and drive actionable insights. We also highlight how you can glean objective-driven business value by applying science to your data and deriving insights to maintain a competitive advantage and stay ahead of the curve.

Related Study: The Emerging Big Returns on Big Data | A TCS 2013 Global Trend Study



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