The phrase: “Hello, how may I help you?” is one of the most first and critical steps in engaging customers for your products and services. It does not matter if it is on the underwriting side of the house (selling products and services), or on the claims side of the house (helping your clients in the time of need, and validating the facts in a claim). Having a good understanding of trends in the marketplace combined with advanced analytics with data enrichment is a great foundation to start building for the future. It’s not too late, so let’s get going.
In the last couple of articles, we discussed the importance of automated data gathering and data enrichment. Life Insurance companies are experiencing major technology disruptions in their distribution channels, customer revolution and analytics projects. The life insurance line of business is no different than any other line of insurance. Large amounts of claims data are collected and processed daily. One of the keys to success is to use your claims data more efficiently in the underwriting process (think life insurance policies and annuities). Imagine be-ing able to see the disruptions in the products and emerging markets, and being able to react in a timely manner for a positive outcome.
Recently, one of our life insurance customers shared with us that their biggest data in-accessibility is information for death claims, which we know is found in death certificates and claims forms. After listening to the claims and underwriting teams, we observed that both business processes were unable to use some of the most critical and important data attributes in their analyses. It is essential to understand what data sources are available to you, where, how, and when the data can be utilized. This is called “base-zero” for any advanced analytics and artificial intelligence projects, and is where data scientists begin to create models for data mining using artificial intelligence (A.I.).
The automated data gathering process starts with identifying the sources of data. Next, the data is brought together and extracted and enriched to yield the relevant information needed for the proper analysis. As a result, a comprehensive data-set is created for the advanced analytics processes to begin. Some of the basic data sources to begin with for the enrichment process are:
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- claims management systems
- claim forms (structured and unstructured text with NLP)
- death certificates
- specific (very specific) social media data
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You will see and learn more about your trends and potential issues, and gain a better insight into your customer resource management process. Remember, “if you don’t ask the right question, you discover nothing.” Advanced analytics and data enrichment are the keys to an-swer these questions.For advanced analytics to be effective, data gathering and enrichment must be completed using a comprehensive data set. This helps your business learn from the past and the present, which will allow you to develop superior strategies for future growth.