Insurance

Insurers have come to realize that regardless of size, they must accelerate their digital transformation. To remain competitive and meet consumer needs, you must quickly make informed decisions with quality data.

 

Wavicle’s data analytics consultants help property and casualty insurers collect, ingest, store, and analyze the data needed to streamline processing, improve efficiency, and reduce risk. The result: better decisions, lower overall costs, improved profitability, and satisfied customers.

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Connect device and customer data to drive better decisions

Thanks to IoT, cars are smart enough to track driving behavior. And, appliances can connect and communicate. Yet, it can still be difficult to make smart decisions with all of this smart data.

 

The reason is many insurance companies still rely on outdated, siloed systems to collect and share data. Wavicle can help you harness information from all of those smart devices, migrate it to a cloud platform, and summarize it in a visual dashboard so you can make informed decisions and reduce risk.

Automate and accelerate claims and underwriting

Today, even simple claims and underwriting can take up valuable time and resources. That’s why large insurance companies are turning to automation.

 

Using AI to automate the majority of claims can reduce the cost of manual labor and fraud. Machine learning can also be used to accelerate the underwriting process, improving the accuracy of pricing, service levels, and customer satisfaction.

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women looking at Data on computers

Drive model behavior with third-party data

The most accurate models typically require a combination of your customer data and third party information. From government statistics to weather patterns to credit scores, integrating multiple types of data to data science models allows you to more precisely predict risk and improve the customer experience.

 

However, models are only as strong as the data supplied. When using third-party data and models, you cannot overlook the importance of automating data ingestion to ensure quality data is being imported and used.

A faster, more cost-effective approach to compliance

Meeting insurance regulatory requirements requires a modern data architecture. It’s as simple as that. Without a cloud-based data platform, you’ll need to allocate too many people and spend too many dollars to meet the basic requirements.

 

It’s not the best use of your resources, nor does it protect you from future privacy or compliance issues as the adoption of third-party data grows. The data management consultants at Wavicle can help you develop the right infrastructure to help you meet evolving compliance standards, drastically reducing time and costs.

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Big goals, not so big budget?

Budget concerns should not keep your company from accelerating its digital transformation.

 

Wavicle’s data and analytics consultants specialize in helping mid-size property and casualty insurance companies leverage their data to quickly realize a return on their investment.

Resources

webinar

The power of integrating ERP data – Vyaire’s journey to a data-driven business

blog

How to get faster, more reliable analytics from data lakes

Guide

9 Ways You Can Be Faster, Nimbler, Smarter with Talend Cloud

blog

ETL modernization: How to reduce ETL migration timelines.