Solutions for insurance

Profitability in the insurance industry requires being able to gauge risks and rewards with a high degree of precision. Accordingly, insurance providers now use data warehousing techniques to create new business opportunities uncovering new perspectives at both the macro and micro level.

The macro view allows them to understand a market or geography in rich detail by combining a broad array of external sources such as demographic, psychographic, public record, and locator data with the internal experience base. The micro view exploits pattern recognition techniques to reveal hidden and sometimes counter-intuitive facts and associations that are used to create new products, services or processes.

Daman helps insurance providers fully leverage both views ― along with their business opportunities ― with powerful data warehousing solutions designed to improve the efficiency and effectiveness across all business units and areas of operations.

Analytic solutions geared for insurance

Thousands of hours of consulting experience go into every solution that Daman professionals develop for insurance providers. Incorporating the latest technologies and proven methodologies, Daman solutions can support near-term and tangible payback based on:

Improved claims analysis by using a provider’s existing database of insured party and incident data along with contextual data to assemble a rich and detailed analytic resource for claims management. This supports both actuarial and fraud detection functions.

Optimized services and products through analysis to take costs out of the system, better utilize existing resources or even develop completely new service offerings. Affinity Management by using data from product acquisition attribution and compensation is critical in creating such new offerings, as well as in developing appropriate sales programs for cross-sell and up-sell opportunities.

Enhanced market coverage and niche development with more granular targeting and customer segmentation, improved tracking for marketing campaigns and the identification of new markets and profit areas within existing markets. Customer segmentation is usually achieved by calculating, storing and analyzing customer relationship variables such as product depth, product utilization, tenure and type of vehicles.

Increased customer sales with composite “insured life histories” of existing customers, comparative profiling to create representative coverage portfolios, and gap analysis to identify customers who might have potential needs not currently being served. In addition, Funnel Analysis tracks prospects through the sales lifecycle, and provides insight into the effectiveness of offers and quotes by examining prospect responses, and, finally, customer acquisition and profitability. Once acquired, Customer Relationship Management solutions support lifetime retention and satisfaction.

Better visibility into customer and product profitability by using detailed policy, premium, claims, expense data and other information to develop a better understanding of profitability in terms of each customer and product.

More efficient agent deployment using precise geographic analysis of the location of both current and potential customers, thereby helping to place the right number of agents in better proximity to their customers.