This use case breaks down how insurers can modernize their core systems at their own pace, and actually see an ROI along the way.
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Analytical Insights
Better data = better analytical insights + better business value for insurers
Everyone knows data drives business, and insurance is no exception. When honed into actionable insights through analytics tools and data science, it becomes one of the most useful items in any insurer’s toolbox — for product development, risk assessment, underwriting, pricing, marketing, claims analysis … you get the idea.
The trouble is, legacy core systems aren’t purpose-fit for this era of data and analytics. Carriers need solutions capable of more immediate and wider data digestion and use.
The perils of slowly processed, outdated data
Old insurance core systems often rely on batch data processing, including when gathering business intelligence (BI). Because this method is so structured and scheduled, it’s never real-time, so there’s always a chance it won’t be fully accurate.
The integration problems and lack of flexibility with data formats in legacy systems complicate things further. Operational reporting can’t unify data from multiple sources to paint a holistic portrait of claims trends, quarterly sales, enrollment rates, or other KPIs… meaning their insights won’t empower carriers need to stay competitive.
EIS delivers advanced analytics for ambitious insurers
The Data and Analytics Platform Enhancement for EIS OneSuite™ expands greatly on our existing analytics tools to generate faster, richer insights. Equipped with this data, insurers can improve their decision-making to drive better business value and pinpoint their focus on customers’ near-term and longer-term needs.
How EIS Empowers Carriers With Better Analytics
Real-time processing — which outpaces competing platforms and improves on our built-in analytics package — gives carriers up-to-the-minute data in high-stakes situations.
The seamless integration and open API framework of EIS OneSuite provide easy access to data from internal systems, external applications, partner platforms, and other data sources, serving as a deep pool to draw insights from.
Predictive analytics powered by generative AI enable business users to harness advanced demand forecasting, risk assessment, and market analysis: This can help insurers personalize marketing campaigns, price products competitively, improve policy underwriting, and mitigate issues like claims leakage.
Tools including self-service and real-time data dashboards, and ad hoc reporting ensure you always have the right data at your fingertips to analyze the routine, the unexpected, and everything in between.
Robust, customizable data visualizations — viewable in EIS or external tools like Tableau or PowerBI — give maximum impact to the most relevant metrics.
Ready for Game-Changing Data Analytics?
Talk to an EIS representative today to discover more about what our advanced data and analytics platform enhancement can do for your business success.