Power BI For Insurance Business: What It Is & Its Importance

 Data rules the world, and companies having a robust data strategy rules the market. Data is available in abundance but extracting the intelligence out of the data is missing many corporates. In the digital era, we are generating a load of data where all this data goes? Raw data is useless until it is processed and converted into meaningful insights that help businesses make the right and informed decisions. When it comes to the insurance industry, they deal with a vast amount of data. Let's find out how they can extract business intelligence from the raw data and how it helps them operate their businesses smoothly in this highly dynamic market. 

 

What is Business Intelligence?

 

Business Intelligence is a process of analyzing and converting the raw data into meaningful insights that help businesses to make informed decisions. Business intelligence software collects data and develops visualization models for business processes and operations. Seeing the data visualizations, business leaders identify the patterns in the data and make strategic business decisions based on the identified data patterns. Insurance companies utilize Power BI For Insurance businesses to operate their businesses smoothly. Here are 4 benefits of Insurance BI 

 

Combat Insurance Fraud

The insurance industry is struggling with insurance fraud cases. It is unfortunate but the reality of the insurance industry. 

As per the Coalition Against Insurance Fraud, $80 billion per year is the number of total insurance fraud alone in the United States. Insurance fraud cases do not only impact the insurance companies, but it also negatively impacts the insurance payers. When insurance companies lose revenue due to insurance fraud, they increase the insurance premium to cover up their losses, resulting in a negative customer experience. According to the Federal Bureau of Investigation, the average U.S. family loses between $400 and $700 per year due to insurance fraud in the form of high premiums. 

However, insurance business intelligence tools can combat all forms of insurance fraud. BI's insights help the companies identify the patterns that point towards fraudulent activity. Early detection of fraudulent activity helps companies to prevent insurance fraud activities.

 

Faster Claims Management

 

One of the most annoying things for an insurance customer is a long waiting claim process. It also causes a negative customer experience. A robust claim process is critical for insurance companies to minimize losses and improve customer satisfaction.

Power BI For Insurance Business gives a holistic view of the insurance claims processes to the claim handlers to identify the gaps and provide better customer experiences.

 

Tap On The New Opportunities

 

Like other businesses, insurance businesses also need to keep looking for new opportunities to expand and increase revenue. As we discussed above, Power BI For Insurance Business help insurance companies get a holistic view of their business process; it also gives them an idea of the latest market trends to tap into the opportunities available in the market.

 

Enable Your Sales Team

 

Insurance BI provides real-time performance reports so that managers can easily monitor and improve the sales team's performance. This way, they can easily focus on the areas where improvement is required. The dashboard will give a holistic view of targets, goals, territory, performance, achievement.