Insurance analytics software conducts analysis on insurance-related data. Insurance companies use insurance analytics solutions to drive customer interactions, reduce fraudulent activity (and detect it when it does occur), price their products, and automate product recommendations.
Insurance agencies leverage these solutions to inform strategic decision-making, identify potential opportunities for cost savings, enable the self-service of policies, and price premiums. Insurance analytics software carries out deep data analysis on customer and operational data, enabling organizations to become more efficient and effective.
Insurance analytics solutions connect to various data sources within an insurance agency. These solutions also typically integrate with financial services CRM software.
To qualify for inclusion in the Insurance Analytics category, a product must:
Connect to internal data sources
Conduct data analysis on data consumed from those sources
Be designed for use by the insurance industry
Produce data driven reports on client behavior