Big Data and Data Analytics
Huge volume of unstructured data about Customers is making it increasingly difficult for insurance companies in strategic decision making. The adoption of big data and analytics provides better insights into customer risk profiles. Among the plethora of data assets, financial, actuarial, risk and consumer behavior-related information constitute the more important ones that can be leveraged by insurance companies for smart decisions. These data assets usually have critical ‘clues’ pertaining to market dynamics and consumer preferences which remain hidden within organizational siloes.
With Big data and analytics, Insurance organizations can tap into these data sources and derive actionable insights. It also gives insurers more confidence when it comes to risk management.
Virtusa’s Big Data and Analytics capability and insurance domain expertise help us cater to the varying needs of insurers. With our outcome-based model we deliver improved results for insurance or claims, spanning fraud mitigation, pricing, re-inventing customer experiences, and streamlining cash flow, claims analytics and underwriting strategies.
Please click here to more about Virtusa’s Big Data and Analytics offerings.