When astronaut Barry Wilmore asked for a spanner, NASA emailed him one. Barry printed what he wanted in International space station in less than an hour using a 3D printer. This explains the power of disruptive technology, in a nutshell. In this highly competitive world where standing still means falling back, disruptive technologies gives industries and companies an edge over the others. Adoption of disruptive technologies is one among the many other business challenges that insurance industry is facing, as I have outlined in my previous blog.
If we pause to consider what made a traditional industry like insurance spend so much on technology, the challenges that insurers face come to the front. The most common challenges include: the complex nature of business, change in business approach from risk absorption to risk mitigation, data explosion, adoption of disruptive technologies and the rising number of insurance fraud. Let us see how advanced data analytics addresses these challenges.
With all the buzz going around about Big Data and Analytics, you might think Analytics is just an escoteric buzzword used only by CXOs to improve their revenues or manage their costs. THINK AGAIN!
Analytics is much more that. Imagine a day, any day. 24 hours. What do you think can Analytics accomplish in 24 hours? From a game of golf in the morning, dropping off children to school, a quick visit to the bank, planning the anniversary gift or thinking about retirement, each day could have myriad problems and decisions for each of us.
Having trouble in identifying customers who you could confidently say would buy a product from you?
Not sure whether your product pricing is competitive enough?
Finding it difficult to predict an accurate claim rate?
As an insurer, if you are thinking on the above lines, then read on, we have a solution for you!
$34 Billion – That is the annual reserve of Amazon.com, larger than the GDP’s of half the countries in the world. How did they get there? Equate it to the 137 Million customers it serves a week, which is 33% more than the voter turnout for the 2010 election. The volume of customers has not affected Amazon’s customer service levels one bit; it just keeps getting better!Continue Reading "People before Profits – Customer Satisfaction is everything"
Of late, a lot is being said of data scientists – a bunch of folks who have a unique ability to rip data apart and extract sensible information out of it. Rightly so – almost every time, they come up with insights that transform businesses. They look at social media data and tell you what you must do to make your product launch successful, they look at customer data and tell you personalized actions to take to retain customers or have them spend more, they look at your supply chain data and tell you where you can cut costs without cutting corners. It is really quite awesome. But is it all really science?
FinovateAsia 2013 Demo Companies Bring Global Innovation to Singapore – Finovate.
By Debleena Roy A decade back, Analytics was relatively unheard of except in corridors of companies such as GE or American Express which literally founded the entire industry in India. Since Analytics was still an esoteric subject back then, these companies and others following in their footsteps recruited post graduates and occasional PhDs who had…Continue Reading “Are we ‘Analytics’ trained?”
Today’s enterprises capture a lot more information about their customers, employees, budgets, spends, market and competition. There is data from the point of sell (like order size, shipment volume, price, revenue, margin details etc.), before sell data (e.g. sales pipeline line, marketing spend across channels etc.) and after the sell data (e.g. customer service information, product usage patterns etc.) All business functions like sales, marketing, pricing, supply chain, finance, risk management, information technology, human resources, etc. have a lot more access to various forms of structured and unstructured data available inside the enterprise and from sources outside.
Today, in any vision, or mission or whatever else fancy name organizations come up with, you will find one sentence that is always present:
EMPLOYEES ARE OUR MOST VALUABLE RESOURCE