Data Driven Decision Making in Insurance

In the competitive era collecting information about customers can be decisive factor that intends to pay more attention on offering competitive insurance products at the right time and provide vibrant opportunities for insurance companies to deliver great experience to end users. Moreover, relying on big data analytics can leverage companies in identifying people who are more pruned to risk due to accident claims and ease them to target with the motive of prevention and significantly reducing progressive cost factor for the firm on insurance. In a data driven insurance model big data are utilized by companies to furnish value added services, developing solutions, and providing valuable insights to comprehend the level of risk. Nevertheless, data driven insurance that has evolved due to rising customer credentials on digital interface, provide leverage to policy holders to realize and compare medical ridders or benefits and companies to develop personalized content in upselling and cross-selling, engaging more concern for customer care as well.