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In order to remain in the competition and maintain position in the market insurance industry must use big data analytics tools. Big data play an important role to face many challenges face by insurance industry.
Data gathered from the social media and analyzing structured and unstructured data help insurers to determine the risk of particular person. Today insurance industry use business intelligence solutions to determine all the risk and view the performance of business.
There are 5 areas in which big data analytics tools help to insurers
Real Time Reporting
Big data analytics tools offer to create dashboards which help to focus on the key areas of the data. It has ability to deal with the data that how the product become more competitive and the reasons why product going down in the market. It actually help in the real time reporting.
Time Spent Analysis
In the large organization it is difficult to see the time sheet and find out what’s going on in the business. Insurance analytics solutions help insurance industry to review the time sheet in one click and then take action accordingly.
Detection of Duplicate Record
Insurance analytics solutions help to detect the duplicate record. Duplication can cause additional work and take more time and expense. It also result to cover the fraud, poor accounting practices and human error. So insurance analytics solutions assist in solving all these problems.
Enhance analysis by Merging Data Set
The data generated by insurers and by others in the world. The main problem is that to analyze this data and set for the comparison. Data analytics tools help to join large data sets and give meaningful results.
Extraction of Data from Large Data Sets
Data analytics tools allow to your to extract data from the raw data and convert them into some meaningful information. This will help businesses to target the product and move forward in the process of success.