Insurance companies work with customers to protect their assets. Daily they screen new applications, process claims and make necessary payments. Risk department of Insurance companies manage risk and fraudulent claims. Dealing with large amount of data about customer information, risk exposure, claims information, evidence details, reports is hard. Hadoop provides a centralized storage solution where all of the data can be stored and analyzed to serve customers in a better way and contain fraud.
Insurance companies screen applications daily for auto, home, appliance insurance policy. They look at customer's credit history, income and other factors to determine eligibility.
When historical data is collected and stored in Hadoop, Underwriters can do proper data analysis and evaluate risk for desired coverage.
They can validate application details for fraud rings and automate the process to reduce costs.
Underwriters can build price risk models in Hadoop and evaluate new customer's risk to appropriately price the policy and coverage.
Agents work with customers for their claims and policy related questions. Their actions are captured as interaction events. These agent events provide great insights about agents, their performance, effectiveness etc. Customer care team can analyze the collected interaction data to gain following insights:
Insurance companies can store following data in Hadoop to co-relate and detect fraud:
Insurance companies can collect lot of external data feeds like weather, sensor, social media, news in Hadoop.
They can build models to detect or predict risky conditions or events which could pose danger to customers and inflict damage to them or their property. These models can alert operations teams and customers to contain risk.
Insurance companies depend on their customers for business and their success depends on them. It is very important to understand customers, their needs, satisfaction to build long lasting relationship. This drives more business and creates brand value. To understand customers it is essential to know:
Knowing customers better will drive right targeted campaigns, which will result in better customer experience and conversion. Big data based models will allow creation of customer data sets to know who are the customers, where are they location, what they are looking for etc. It will also lead to identification of cross and up-sell opportunities.