Elevate Performance Through Data and Analytics

Industries/ Insurance/ Reinsurance /Elevating Performance Through Data and Analytics

Good, strategic decision-making relies on data — but not just any data. You need specific data to address specific issues. And your organization has to be organizationally ready to analyze and use accurate, high quality data wisely.

NTT DATA’s data and analytics solutions help you answer questions like: Which products and distribution channels are most profitable? What policy attributes lead to the most losses and highest cost of claims? Does coverage or price point have a deeper influence on demand, and for which customer segments?

Our consultants understand that every role in your organization – from chief financial officer to customer service representative – relies on the right data and business insight to drive peak performance throughout the insurance value chain. Our solutions help you:

  • Segment and analyze data to capitalize on cross-selling and up-selling opportunities and improve customer satisfaction
  • Make business intelligence-based decisions from deep customer, product and risk insights
  • Establish seamless, integrated data management processes across your application ecosystem
  • Leverage predictive analytics to chart a successful path forward

“The smart, selective integration of IoT data from wearables, sensors and Smart Home technologies can help insurers pursue new growth, attract millennial customers and achieve underwriting excellence. But accessing the data from these various sources and being organizationally ready to leverage it will be key to carrier success.”

— Normand Lepine
Senior Practice Lead, Insurance Data and Analytics
NTT DATA
 

Our solutions:

Advanced, Predictive Analytics

Insurers are the original masters of predictive analytics. Beyond actuarial tables and databases of historical weather patterns, predictive analytics focus on the kernels of wisdom that can be gleaned from patterns in customer, agent, product and financial data. For example, robust analytics can help you determine a customer’s propensity to buy additional products at any given time, converting every customer touch point into a potential real-time opportunity. Statistical models mature into predictive models, teasing out the reasons behind high-performing products or customer segments and proactively detecting fraud. Across the enterprise, sophisticated analytics are key to charting a successful path forward.

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Enterprise Performance Management

Establishing a data-driven enterprise begins with integrated, transparent data around key performance indicators.  This gives leadership the ability to make intelligence-based business decisions. Proactive enterprise performance management provides senior leadership and business managers the deep customer, product and risk insights to visualize scenarios, harness new opportunities and quickly reshape growth strategies. However, behaving as a data-driven enterprise also requires your culture, people and processes to embrace data as a key input to decisions big and small.

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INSight Segmentation and Analytics for Insurance
Companies who use advanced analytics are twice as likely to be top quartile financial performers, according to industry analysts. Yet fewer than 50% of P&C and 5% of life carriers track customer buying signals using digital technologies. NTT DATA’s INSight Segmentation and Analytics for Insurance helps you capitalize on this opportunity by increasing revenue via cross-sell and up-sell opportunities, reducing costs and improving customer satisfaction.
  • INSight Roadmap charts a business-first course for your segmentation and analytics plan
  • Analytics Ecosystem ensures you have the right architecture and technology in place to leverage customer data
  • Segmentation and Journey Mapping creates detailed customer segments and maps each segment’s interaction journey through the customer lifecycle
  • Predictive Modeling provides customer models per segment to help you anticipate and act
Seamless Data Management

Establishing a business-driven master data management foundation enables seamless, integrated business processes across your application ecosystem. With effective data management, organizations can mine customer data to identify the most profitable policyholders, increase product penetration per household and offer a targeted appeal to new customers. Over time, a strong data management foundation enables you to selectively incorporate new external sources of structured and unstructured data — such as social media, wearables and telematics — and draw insights through Big Data analytics.

Our Solutions include:

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