A survey of 15 Ugandan Insurance companies shows that only 26.7% of them have undertaken data analytics trainings and within this percentage, a meagre 3% of staff know how to use their data analytics solutions to make data driven decisions. Insurers have lagged behind other industries in their investment in and adoption of analytics. As first movers among insurers create new business models and seek to harness the potential of their data, those that wait will be at a significant competitive disadvantage. The exploding volume of data available to insurance carriers is giving rise to new business models, revenue streams, and enormous opportunities to increase value
But, most insurance companies do not want to invest in expensive big data solutions, that require a minimum of US$30,000 considering most of them have cost efficient driven business models. However, this cost efficiency comes at a cost. While rival firms are developing solutions using big data architecture, these others lag behind in competition even with the abundance of customer data in their core systems. Because it is useless to have a resource that you do not use.
Insurance companies continue to struggle with concerns of customer churn rate, sophisticated monitoring and management of customers and potentials, undermined risk on policy that augments cost overtime, and last but not least, stiff competition from areas of Bancassurance, to mention but a few.
The perfect solution for an insurance company would be one that has strong go-to-market capabilities. This solution should be able to conduct tests on the existing customer base, perfect them in rapid iterations, and price offers based on the value delivered plus the customer’s willingness to pay. These tools should also be able to highlight highest–value clients and high potential leads so agents can invest resources more efficiently and greatly curtail customer churn rate. They should also be able engineer solutions that enhance predictive modelling that can forecast customer churn accurately to improve retention.
Insurance companies also continue to loathe an automated reporting solution that will ease their reporting and at the same time expose red flags and progress in just a click. The underwriters struggle with data entry and its associated errors.
There is software that can solve all these issues but comes at a significant cost. On average, companies that have invested in big data analytics software to analyse their volumes have spent around US$30,000 minus monthly maintenance and staff training for these technologies are foreign to many staff.
Nevertheless, this should not worry you and your team. Our #BeyondExcel Productivity Package Training will empower your team with analytical skills and techniques to use the already implemented Microsoft Excel in your organisation to do tasks that those expensive off-shelf tools can do. Save your company, the costs of purchasing and implementation and reduce the stress on your bottom-line while mitigating customer churn rate.
Our group of experts will endow your team in a dedicated training solution that will be tailored for your company to enhance your productivity, optimise efficiency, and stay ahead of your competition and increase profitability in this competitive environment.