Policies. Claims. Payouts. Premiums. The insurance industry is chock-full of data ready for analytics and reporting. But equipping stakeholders in your organization to effectively analyze and use that data in a timely manner has been a challenge.
- Big Data & Analytics
- Business Intelligence
- Budgeting Planning Forecasting
- Dynamic Target & Incentive Planning
- Omni Channel Campaign Management
- Customer Experience Management
- Talent Management & Learning Management Solutions
EXAMPLES OF USE CASES
Does a claim submitted by a physician have a different claim paid ratio than those submitted by phone or web? You bet. Is it valuable to dig into these differences to make more informed decisions? Absolutely.
Using historic data to estimate future premiums isn’t new. But creating an interactive report that facilitates quick insight to forecast these costs is not a common feature in most insurance reporting tools.
The data you need to reveal fraudulent activities exists within your organization. However, analyzing it in a meaningful way to detect out-of-pattern behavior in a timely fashion has been next to impossible.
Year-to-year comparisons are a basic, but essential element to insurance analysis. Agents, underwriters and managers alike rely on historical data to gather intelligence for forward-looking decisions.
Improve Customer Retention, Increase Operational Efficiency and Boost Revenues
Consumers have many choices when looking for a company to insure their health, homes, automobiles and other valuables. Price is a key factor in winning new business and customer experience can help keep current policyholders on board. Is it possible for insurance call centers to provide superior customer service and keep costs low? With NICE, it is.
When customers contact the call center, they expect an efficient, knowledgeable response to their questions. It’s also important that your agents help retain customers and offer them additional products at the Decisive Moment™ of the interaction. Equally important,is that the organization monitors for potential fraud and money laundering activity and ensures regulatory requirements are met. NICE enables your insurance call center to successfully address these needs:
Improve churn reduction
Respond effectively to billing inquiries, rate quotes and claims
Mitigate the risk of fraud and regulatory non-compliance
Increase customer wallet-share and improve collections