www.polestarllp.com Open in urlscan Pro
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Effective URL: https://www.polestarllp.com/us/industry/insurance?utm_source=sendinblue&utm_medium=email&utm_campaign=hot+lead_insurance_usa...
Submission: On November 23 via api from US — Scanned from FR

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DRIVE DIGITAL TRANSFORMATION FOR INSURANCE INDUSTRY


IMPROVE PROFITABILITY, OPTIMIZE COSTS, AND INCREASE CUSTOMER LOYALTY WITH OUR
INSURANCE ANALYTICS SERVICES & MUCH MORE

Let's Talk
 * Home
 * Insurance

YOUR FIRST STEP IN A DIGITAL-FIRST ENTERPRISE TRANSFORMATION

Existing in a complex regulatory environment Insurance companies are facing
tough competition from existing and newly created Insurtech companies. As such,
they have started leveraging data to manage risk, automate functions, create
more opportunities, and react faster to the needs of the market with the help of
Self-service enterprise-grade Analytics solutions.

Partnering with Polestar Solutions has helped our insurance clients to create
effective customer engagement strategies and big data utilization. With
Predictive Analytics and Data Analytics in Insurance industry, we have helped
organizations integrate with some of the capabilities including

01 INSURANCE KPI FRAMEWORK

To understand the end-to-end process of Insurance and identify the Key
Parameters for strategy, operations, underwriting, claims, digital experience,
and much more

 * Streamline Data Sourcing
 * Effective Data Management
 * Granular Data Drill-down
 * Persona-based Interactive Dashboard creation
 * Performance Analytics for multiple channels & transaction analysis
 * Advanced Data Visualization

02 CUSTOMER ANALYTICS

Enable Digital solutions to acquire new customers and work on retention
strategies for existing customers. Build deeper engagement & relationships with
policyholders.

 * Segment-based retention strategies
 * Acquisition and Churn Analysis
 * Loyalty Program Management
 * Personalized Solution offerings
 * Customer Engagement & Relationship Management
 * Payment Analytics

03 OPERATIONS OPTIMIZATION

Use Statistical and analytical techniques to identify patterns to develop
patterns to streamline operations and have faster processes to enable better
communication

 * Claims Prediction
 * Underwriting & Actuarial Analytics and review
 * Automated Claims experience
 * Advanced Text Mining and Attribute Analysis
 * Data extraction with Rest API for reporting and auditing

04 RISK MANAGEMENT

Proactively identify issues and take corrective actions in time with Data
Management and Predictive Analytics to improve Fraud detection in claims in
Insurance sector

 * Create Variables for comparison with past data
 * Fraud Detection & Loss Detection
 * Anti-Money Laundering (AML) Analysis
 * Incident Management & Claims Analysis
 * Credit Risk and Exposure Analysis

LEVERAGE OUR SERVICES TO SOLVE INSURANCE SECTOR CHALLENGES



Polestar Solutions' Digital Solutions involve Predictive Analytics in the
Insurance Sector and to provide transformative solutions with Cloud, ML, Process
Automation, and Big Data. Combine our Industry and Technical expertise to solve
iss

 * How is predictive analytics leveraged in Insurance?
 * Monitoring the Financial Health of the organization in the Insurance Sector
 * How to effectively enable Master Data Management in Insurance?

How is predictive analytics leveraged in Insurance?

Some of the major use cases of predictive data analytics in the Insurance sector
are with detection of fraudulent claims, personalization of marketing strategies
based on segmentation to help target specific user groups, Claims prediction,
risk analytics, churn prevention, etc. In essence with data analytics in
insurance, companies can accurately monitor and be proactive in their
decision-making approach.


Monitoring the Financial Health of the organization in the Insurance Sector

An Insurance Ecosystem deals with a lot of levels of Channels, Zones, Agents,
etc. making it a consolidated view of data complicated to have real-time. But
financial planning with spreadsheets limits the capabilities of the organization
to have real-time decision making. With effective Data Management and
streamlined reporting KPIs can be monitored effectively.


How to effectively enable Master Data Management in Insurance?

MDM or Master Data Management comprises High-quality knowledge of Data
transformation, Data Cleansing, and Data integration practices. With Effective
Big Data Management and MDM insurance companies can avoid Information
Inconsistency across Domains and Value chains. This can also help with the
secured addition of data into existing models




OUR SERVICES FOR INSURANCE INDUSTRY

BUSINESS INTELLIGENCE

Visualize and streamline Dashboarding, Reporting, and Analysis of KPIs like
Agent Productivity, Channel Sales, Branch Revenue, etc. and help drill down on
the areas to work on for effective decision-making in real-time

Learn More

DATA ENGINEERING

Our comprehensive IT services for the Insurance Sector include Managed Services,
IT Outsourcing, Infrastructure, and Support. With our Data Lake and Data
Warehousing services, we help you choose the best for your organization.

Learn More

ADVANCED DATA ANALYTICS

Our experience in Insurance Data Analytics helps identify patterns in the user
data to find business opportunities, mitigate risk, cross-sell and upsell,
retain customers, and drive revenue by analyzing existing data and providing
actionable metrics from them

Learn More

ENTERPRISE PERFORMANCE MANAGEMENT

Implement network planning, branch management, workforce planning, and much
more, from a Single platform with Scenario Analysis. This will help stakeholders
to tie operational signals across the enterprise to form a responsive strategy.

Learn More


INSURANCE INDUSTRY INSIGHTS AND ANALYTICS TRENDS

 * BFSI
 * Data Analytics

PREDICTIVE ANALYTICS: ACCELERATING BUSINESS GROWTH & ASSESSING RISK IN

 * 2022-09-15
 * Vinita Gera

READ MORE
 * Data Analytics
 * Data Management
 * BFSI

LEVERAGING FINANCIAL ANALYTICS TO IMPROVE BUSINESS HEALTH

 * 2022-06-16
 * Ali kidwai

READ MORE
 * Anaplan
 * BFSI

TOP 7 FINANCIAL PLANNING AND ANALYSIS TRENDS FOR MODERN FINANCIAL STRA

 * 2021-07-02
 * Tushar Sonal

READ MORE

RELATED CASE STUDY

Largest Indian B2B Marketplace Optimizes Sales Reporting With Amazon Redshift &
Microsoft Power BI

DOWNLOAD


FREQUENTLY ASKED QUESTIONS

How Are Analytics and BI Used in Insurance?

Business analytics has various uses in the insurance sector, including
predictive analytics, customer and claims analytics, marketing analytics, sales
analysis, and, essentially, in every department of an organization. Some of the
most significant ones are insurance risk analytics, predictive analytics,
insurance claims analysis, and health insurance analytics. Business intelligence
solutions act as a backbone to the insurance sector to help leaders increase
work productivity on all levels, reduce operational costs, relieve staff from
time-consuming manual tasks, and generate business value. With advanced
insurance BI technologies, you can take a detailed outlook on important data
that could, otherwise, stay hidden in excel sheets. This will lead to better
decision-making and customer-friendly insurance solutions.

What insights do actuaries and insurance companies get using predictive
analytics?

Predictive analytics plays a crucial role across different fields like
insurance, vendors, hiring agencies, etc. With rapid technological advancements,
predictive analytics helps in pricing & product innovation, fraud detection,
automation of insurance claims, identifying high-risk customers, estimating
potential profitability, forecasting customer behavior, identifying potential
markets, reducing costs, driving internal inefficiencies, and improving ROI. By
harnessing the potential of predictive analytics and artificial intelligence,
you can stay ahead of your peers in a competitive insurance world.

How Does Correctly Handled Data Affect the Insurance Industry's Internal
Processes?

Data accuracy is a must for the insurance industry to make executive decisions.
With accurate data accessibility, professionals can analyze and monitor the
collected information to create a clear path for business goals in the long run.
Effective data analytics enables leaders to identify legitimate claims through
strict monitoring of digital information, reduce fraud, forecast pricing
premium, increase lead generation, determine risks associated with it, and
maintain customer satisfaction. This way, organizations that collect and monitor
data can enjoy favorable business outcomes.

How is data analytics impacting every phase of the consumer life cycle in the
insurance industry?

The impact of analytics in insurance industry and every phase of consumer
lifecycle is so profound that actuaries find analysis software reliable to apply
statistical methods to demographic data about the insured party aligned with
diverse data from external sources to calculate the likelihood of injury, death,
illness, property loss, or disability. Having a mature insurance analytics
process offers a competitive edge to organizations, resulting in enhanced
marketing operations and revenue growth.

GAIN VALUE FROM ANALYTICS & PLANNING SOLUTIONS FOR BFSI

ANKIT GOYAL

Senior Vice President & Head
Insurance Solutions

CONNECT WITH INDUSTRY EXPERT!

REQUEST A MEETING

IMPROVE RISK SCORING AND CLAIMS PROCESSING

We harness insurance analytics to identify customers at risk of cancellation and
process claims accurately.

Book a Demo

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SERVICES

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EXPERTISE

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TECHNOLOGY

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   97221 00512
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