A business intelligence solution can provide a strong foundation that enables growth and influences the way an insurer works. However, the changes to workflow that occur from the deployment of predictive analytics can be a lot for the individual underwriter or claims assessor to take in. Having a firmer understanding of exactly how operations will be affected by the deployment of these tools can help optimize the migration to stronger processes and the proper leveraging of these tools for performance.
The evolution of business analytics solutions promises increased potential of data and improved risk detection, among other benefits to insurance providers. However, these changes only come once employees have embraced the changes to workflow and properly adapted to the new demands and stresses put on them. Increased insights and quality of reports are advantageous, but they create new demands for underwriting and claims management that these professions will have to take into consideration, such as performing analytics themselves or using reports in new ways to properly capitalize on their value.
One thing that may cause a little bit of chaos in employees’ routines is the fact that they will be able to gain insights into client data much faster with advanced predictive analytics solutions. This increased speed will have an impact on the way they work, as well as potentially on their working hours. Underwriters that may have previously set the business intelligence platform to work on a data set at the end of the day in order to receive their reports in the morning may suddenly have a much faster turn around, allowing staff to perform analysis and act on them in a single work day.
Furthermore, the process of gaining insights can be simplified through predictive analytics, allowing underwriters and assessors to establish more customized parameters and allow the technology to sort for relevant data, rather than carefully selecting the information to analyzed. This simplifies the user end of these processes while delivering smarter, more useful reports.
The other major changes firms should expect to see is increased use of analytics in a general sense. The increased speed and versatility of predictive analytic software allows professionals to do more with their data, improving overall insight in areas that they may not have bothered using analytics for in the past. This will mean more time spent assessing data, but stronger performance as a result, changing the way underwriters and claims assessors do their jobs in a broad sense.