Some of the major use cases of predictive data analytics in the Insurance sector are with detection of fraudulent claims, personalization of marketing strategies based on segmentation to help target specific user groups, Claims prediction, risk analytics, churn prevention, etc. In essence with data analytics in insurance, companies can accurately monitor and be proactive in their decision-making approach.
An Insurance Ecosystem deals with a lot of levels of Channels, Zones, Agents, etc. making it a consolidated view of data complicated to have real-time. But financial planning with spreadsheets limits the capabilities of the organization to have real-time decision making. With effective Data Management and streamlined reporting KPIs can be monitored effectively.
MDM or Master Data Management comprises High-quality knowledge of Data transformation, Data Cleansing, and Data integration practices. With Effective Big Data Management and MDM insurance companies can avoid Information Inconsistency across Domains and Value chains. This can also help with the secured addition of data into existing models
