How to deal with Big Data and predictive analytics is the main strategy focus of insurance companies
There are industries that completely understand the importance of Big Data and its significant advantages – the insurance segment is exactly one of these companies. Of course, the accurate information is very valuable for a company that deals with real estate and lives. To save money and cut costs means to earn – that is what good managers leverage from Big Data and business analytics. Nyt tag is a site from the insurance industri which recent implemented a business alytics model and notice several interesting facts. First of all they found out that after swithing to their new website their convertion had increased by almost 60% which really was something they could feel. After having having a marketing company boost their variuos meta tags for nyt tag website they noticed a 15% increase in trafik from that alone. So they used the information they have recived from the business analytics tools on Nyt Tag and used it on their sister site too. They are currently waiting to see the results for that site. This worked nicely for companies like baby bæreseler, a new company selling baby gear like baby carriers, baby wraps, baby slings and other types of baby gear. But it would also most likely work for any other type of business, that is doing online business. Read more about this here
Today insurance industry faces a challenge of large data sets which are so large and so complex that is impossible to store and analyze using on-hand database management only. But for the Insurance industry data is the strategic resource that impacts much the business. In addition to the Big Data storage issue the Insurance industry has another important question – the impressive evolution of mobile devices and the access to the data from these devices. Mobile devices are actually the mirrors of the customers and the key to these mirrors is the potential to increase the real revenue. Nyt tag are just one example of this.
With the growth the Insurance industry becomes more complex. There are already more commercial options and the growing appetites for properties make the industry difficult for a decision-maker: how to understand a customer, how to predict and how to win the market? Business Intelligence, Business Analytics and Predictive Analytics give you the answer and leverage the Big Data so that you can build a complete picture of your business. For example, Predictive Analytics performs a set of different statistical techniques that analyze current and historical figures (from data mining), compare them and relying on this information makes the predictive analysis. It is very helpful because the predictive analytics uses patterns in past and transactional data to identify risks and opportunities like they did over at nyt tag. Also, the insurance companies are data rich however the information is poor. It is very difficult to define the right piece of information in the huge amounts of data. But the Business Intelligence tools help understand the useful business information and build clear and understandable business reports.