Offer customers the perfect insurance products and services
The Digital Economy and the Insurance Industry
The digital economy is having a major impact on the insurance industry. Time consuming deals or claims-related interactions with agents are getting replaced by self-service insurance portals and sometimes by bots. The growth of IoT technology and the usage of sensors in wearables, cars, houses, agriculture, transportation, and many other areas are promising to make risk profiling and precautionary measures much better and faster. The sharing economy brought about by Uber, Airbnb, and many other services is making insurance tricky, since multiple people should be insured for the same product or services.
67% of consumers surveyed will be willing to have a sensor attached to their car or home, if it could result in a reduction in premiums.
Customer concerns don’t necessarily need to be processed in real time, but companies must meet customer-defined expectations, which typically measure turnaround time in hours, not days.
Data Dependence of Insurance Industry
To embrace these digital trends and be able to provide appropriate insurance products and services, all insurance companies must rely on data. Unfortunately, many insurance companies are heavily dependent on legacy tools and methodologies for their enterprise data architecture. With rigid physical data oriented architecture such as ETL in place, it is almost impossible for insurers to make real-time decisions on a claim, engage in predictive analytics with the most current data, or underwrite the right insurance product for the right client. On top of that, M&A and other forms of corporate restructuring are constant in insurance industry, and legacy data architecture poses a huge threat to post-merger data architecture consolidation.
Data Virtualization Is the Right Way to Handle Your Data
Data virtualization is the most innovative modern data integration technology that solves this complex problem in the insurance industry. Data virtualization offers an easy way to access and combine streaming data, big data, cloud data, and legacy data for a holistic view of the entire ecosystem. Data virtualization helps insurance companies to create 360° views of deals and the claims process. Data virtualization can also gather quick social media or sensor data for on-the-go risk profiling. Finally, with data virtualization, insurance companies can easily offer pay-as-you-go insurance policies through self-service web or mobile portals.
The Benefits of Data Virtualization
Faster underwriting and claims processing with 360° views.
Better customer understanding and risk profiling leading to better product and services offerings.
Real-time P&C claims analysis and reimbursement approval.
Faster fraud detection and prevention to protect customers and property.
Easy post-merger integration with zero downtime for the merged entity.
DENODO CLOUD SERVICES
The only pure-play data virtualization product in the cloud