Data is the most important currency for any insurance company in this digital age. Typically, an insurance company is loaded with an enormous amount of data, including actuarial data, claims data, market data, and customer data. As such, the insurance industry has the maximum potential to benefit from Power BI Insurance solutions.
Many companies in other industries are still struggling to figure out how to derive insights and value from data. On the other hand, insurance companies have already discovered that Business Intelligence (BI) is the key to success.
Based on The Wisdom of Crowds BI Market Study, the insurance industry has the highest rate of BI adoption followed by the Technology industry and Business Services industry. When it comes to business intelligence, insurance companies prefer to prioritize Dashboards, Reporting, End-User Self-Service, Data Warehousing, Data Discovery, and Data Mining.
What is Business Intelligence?
In general, Business Intelligence refers to the process in which business data is analyzed and interpreted. The primary purpose of business intelligence is to gather valuable insights that can help business leaders in making informed key decisions.
What is Power BI Intelligence?
Power BI is a popular tool choice among most insurance companies when it comes to compiling and manipulating data. It helps construct detailed data visualizations of all essential business processes and operations. As a result, when business leaders see data in visual formats, they can easily identify patterns and use that information for making strategic decisions.
If you are an insurance company and have not implemented Power BI Insurance solutions, you should make efforts in this direction soon. Do you want to know why? Let’s check out.
Top Three Ways that Power BI Can Help Insurance Companies
- Help Mitigate Potential Frauds
Frauds often go unchecked in the insurance industry. Insurance companies must take precautions to mitigate potential frauds as frauds not only affect insurers but also take a toll on insurance payers. The good news is that insurance business intelligence software like Power BI Insurance comes with the ability to combat fraud. It comes with predictive analytics that combines artificial intelligence, machine learning, data mining, and predictive modeling.
- Optimize the Claims Process
Lengthy claim processes can be very frustrating for customers. An efficient claims process is very important for an insurance company as it is associated with both customer satisfaction and losses. When the claims process is optimized, agents can easily open claims much faster and thereby can cater to many customers. Power BI Insurance provides claim handlers with access to detailed customer profiles that they can use to review customers’ prior claims and other key information. This will help insurers in expedited service delivery and offering a highly personalized experience.
- Increase Business Earnings through Actionable Insights
Like any other business, insurance companies also need to look out for ways that help maximize their earnings. For that, its executives need access to all aspects of the business from a centralized point and in an easy-to-understand format. Power BI Insurance tool uses data analytics to produce data visualizations (as mentioned above) from which executives can gain profitable and actionable insights. Besides, they can also use this tool to monitor market trends and the performance of the company.
This is only the tip of an iceberg. There are many more advantages of Power BI Insurance that can help insurance companies on various levels and drive desired business results.
Image Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.
