Can my credit score affect my life insurance premium

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Article | July 15, 2022

A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries. These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics. The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model. The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process. Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020. Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation. Bring Data to These Key Levels of Departments Marketing Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data. Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative. Sales Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently? CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as: Acquisition and management of leads Lead segmentation Sales funnel optimization There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers. Operations Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run. Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations. Begin with Overcoming Barriers to your Decision-Making Process Use Data to Identify Customer Patterns Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns. What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now! As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales. According to research by McKinsey and Company, automation saves 43% of insurance employees’ time. Segmenting Sales Plans Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent. Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check. When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics. CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.” Pricing & Savings Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI. Keep Improving with Data to Stay Abreast with The Decision-Making Process Better data organization in your business boosts productivity." Warren Buffett, an American business magnate, investor, and philanthropist. This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions. Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving. Frequently Asked Question How are data analytics used in insurance companies? Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement. What does data analytics mean in insurance? Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth. How are insurance companies using data? Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

Insurance Technology

Article | July 15, 2022

Insurance customers look for result-driven insurance services and products. To meet those demands and grow revenue, insurers need to move beyond conventional methods and envision their insurance business' customer interaction as aiding in the management of product and service deliveries. This necessitates a cloud-based strategy for future-ready operations. This is where the concept of cloud insurance comes into play. Insurers are receiving signals that the moment has come to invest heavily in the cloud ecosystem. But how? Read about it in the following points. The revenue landscape is shifting Investing in cloud infrastructure allows insurers to gain a competitive advantage in new revenue streams. In addition, it depicts a protected sphere where all the insurance business operations are risk-free, free of cyber risks and intrusions. Digital distribution appeals to customers and capital Customer-centric innovations, such as product distribution or cloud-enabled services, draw investors' attention. This results in increased revenue production. Why is There a Need for Cloud Insurance Solutions for Businesses? Insurance businesses face numerous obstacles in a continually shifting market position each day. As a result, insurance companies must primarily respond to the demanding and rising needs of customers. Cloud technology provides accurate solutions for the same. Let's look at the need for cloud solutions amid the trending approach. Customers expect personalized products, services, and experiences to support chosen communication channels like social media, a website, or a portal. Consequently, insurers need to improve their “speed to market” approach, which is possible through cloud technology and provide competitive products and services. Furthermore, sales growth remains under constant pressure. As a result, cost reduction is another eye-catching feature for insurance companies. By streamlining procedures and operations under one roof, decentralized, and digitalized, cloud insurance best suits to decrease costs and expenditure. Not to forget, globalization demands insurance businesses be more flexible and agile to win new markets and obtain new prospects. Cloud insurance infrastructure solutions are critical today and, in the future, to achieving all of these objectives. The Insurer’s Viewpoint is Critical for Success According to the report, leaders are more likely to use Cloud SaaSs, big data, AI and machine learning, and the Internet of Things (IoT). However, given the findings of the aforementioned study, it is clear that moving to the cloud is merely a baby step on a long journey of technological advancement. Cloud computing has emerged as a critical tool for digitization, and the significant challenges posed by the COVID-19 issue have highlighted the benefits of cloud computing." Peter Heidkamp, Head of Technology at KPMG. The Internet of Services and SaaS as a service is particularly appealing to insurance businesses when it comes to cloud insurance (SaaS). In addition, SaaS licensing options allow customers to obtain software to reduce internet and operational costs. The real use cases or benefits of the cloud are: Business scalability and flexibility Increased customer satisfaction Optimizing business processes Cost reduction Encourages business backups Cloud Insurance: A Wake-up Call for Opportunities Cloud technology and its solutions enable insurers to leverage cloud capabilities and resources to stay abreast with market developments. The technology meticulously encourages customized products and services on time, develops corporate networks, and implements new business processes with high revenue. However, adopting cloud solutions is not always an easy decision for insurers, but those that overcome security worries can reap the benefits of cloud insurance. Therefore, utilizing cloud solutions is a continuous journey that necessitates constant innovation and adaptability.

Insurance Technology

Article | August 9, 2022

The COVID-19 pandemic demonstrated the pressures on emergency medical services and healthcare professionals as well as insurance platforms. Insurtech has proved to be a robust area of technology that needs further investments to ensure that we are able to leverage it even in times when there’s little global turmoil. The Efma-Accenture Innovations in Insurance award winners have validated the exponential expansion of insurtech. Here are three insurtech innovations driving emergency prevention in healthcare. 1 bAIby – Interpreting Baby Cries bAIby is a next-gen baby monitoring device powered by AI. Labelled as a “cry translator,” the BabyT device uses AI to interpret what a baby’s cries mean. The bAIby solution is based on the understanding that the first six months of a baby’s cries universally communicate the following: sleepiness hunger discomfort stomach issues The developer of the BabyT AI, Zoundream, collaborated with insurance company Generali to enroll young parents and test BabyT. This allowed Zoundream to collect the massive amounts of data sets required to train the AI. The AI is able to detect pathologies like hyperthyroidism, autism and even hearing impairment. Furthermore, it will enable Generali to provide new parents with assistance, prevention, and insurance services, thus providing the peace of mind that insurance services should provide. This innovation won the gold in the Efma-Accenture Innovations in Insurance award. 2 Air Doctor – Finding a Doctor Overseas Silver winner Air Doctor is a cutting edge solution to help individuals find general practitioners in unfamiliar places. The solution is aimed at travellers and expatriates whose first instinct when sick overseas may be to visit a hospital, leading to high medical costs and burdening the local healthcare system. The Air Doctor platform provides access to a network of physicians in six continents and 70 countries. The information includes the doctor’s location, specialization, as well as online appointment booking and virtual care options. Insurance providers can integrate with the platform to connect with their customers by offering a digital link for quick verification and approval. The platform has made managing basic medical attention easier for both consumers and insurance providers. 3 bolttech – Boosting Insurance Penetration Bronze winner bolttech was recognized for its smart insurance exchange ecosystem that enables non-insurers to integrate insurance solutions into their purchase journey. For instance, smartphone vendors can use bolttech to provide insurance as an option during the purchase of a new phone, leveraging the most effective purchase touchpoints to provide coverage. This is especially crucial in markets that have a low penetration of insurance. bolttech’s platform has medical plans with self-declared underwriting, delivering instant cover and reducing the onboarding time to just 90 seconds. 4 The Way Forward Digitalization of insurance is the future of the industry. The above solutions have proven use cases that enable both consumers and providers to leverage digital network to create secure and stress-free access to insurance.

Article | April 13, 2020

Artificial intelligence (AI) has changed the insurance industry – and customer service is no exception. One of the most common forms of AI are the use of chatbots, which Forbes defines as “software functionality that is designed to receive conversational input through text of voice and then generate a response that is also in natural language.” In other words, instead of interacting with a human, you’re “chatting” with a bot that’s programmed to understand your questions and direct you to the right place.