Big Data Analytics increased its popularity and power during the recent years. It is present in almost every sector, and it is expected to keep growing 13% more by 2028. In Wenalyze, we analyze Open Data sources for insurance and banking.
Specially, open data are all the information available on the Internet as for example information on a business website, social media channels, reviews… We process all of it and clean it for the insurers’ better understanding of their Commercial Lines’ clients. But there is more. Why do we analyze Open Data sources? Keep reading.
1. Update SMEs' Clients' information
Commercial Lines Clients (e.g. a local cafeteria, a hairdresser, or a small restaurant) experience different changes during a year. Even at the moment of renovating their primes, it is hard to know whether they have new needs. For example, imagine that a small restaurant has opened a new online shop and contracted delivery options. In this case, they will need to add cyber-security measures to their businesses, as well as ensure data integrity between partners.
Thanks to data analytics, it is possible to detect these new necessities in real-time and warn the clients before they have any problems.
2. Make simpler and update data analytics processes
In the past, insurance and banking processes were developed in a manual way. All the data from the clients was also collected manually, and in some cases, not updated for years. Thus, insurers were forced to take decisions manually and based on outdated data.
However, with Data Analytics, it is possible to develop the analysis based on the conclusions on open data gathered from the internet in real-time. From this data, different scorings are developed and it is organized in real-time.
3. Know better your clients
All the data that we analyze are gathered and processed in real-time. That is to say, the insurers are notified exactly at the same moment there has been a change in an SME client business. For example, imagine a small restaurant that now turned into a cafeteria, their services have changed. Thanks to the analysis of Open Data in real-time, the insurer informs them about the fact that they are paying a higher-priced prime and asks them if they want to reduce it.
This way, insurance products can be adapted and designed according to customer behavior. Then, insurers build trust among their clients.
4. Produce actionable data
All the data found on the Internet needs to be cleaned and enriched in order to make them actionable. This is only possible through the correct use of technology services. This way, it will be easier for insurers to focus on the results of the data analysis, and make the final decisions after all.
5. Identifying Potential Markets
Thanks to the analysis in real-time, it is possible to detect any type of need in the market. Then, analytics companies can simply develop a solution based on the new needs of the clients. The clients will feel more understood.
These are 5 reasons why we analyze Open Data sources for the insurance and banking sectors. In case you would like to know more about the services we provide, do not hesitate to contact us now!