Profit and Performance Improvement for Insurance

Profit and Performance Improvement for Insurance

Over 80% of carriers are investing in social media, but less than 10% of policy holders are engaging. That’s a lot of wasted effort and missed opportunities.

Carriers face a range of unique economic factors, but big data can play an important role in profit improvement. Big data can help to reveal the scope and scale of profitability improvement opportunities. These range from customer selection, underwriting, claim management and pricing—as previously described—and can continue on to include internal, carrier-specific data like operational efficiencies. Big data provides the opportunity not only to extract data, but to make sense of it in ways that are meaningful to business decisions. Comparing customer retention to claim pay out recency and frequency across claim service centers, for example, can help to reveal best practices in customer relationship management that can then be identified and rolled out across all service locations.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities.

Includes step-by-step social media improvement guide to boost ROI.


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