The Role of Business Analytics in Insurance Industry

Updated: Mar 19

The insurance industry is a rather tricky sector but with business analytics making a move into the insurance industry, businesses are capitalizing on the technology to track and increase sales profitability, create robust databases for performance management, and predict sales for enhanced visibility of revenue. Working through the critical procedures of pricing, promotions, cash repressions, and constant risks, the insurance industry mitigates these problems to ensure compliance.

Generally, the insurance firms have been dependent solely upon the statistics and the data received regularly but recently, with the help of business analytics, there has been a standardized change to achieve the business goals. Business analytics provides actionable insights that can be used for plenty of business use cases. Insurers are constantly using business analytics to not only protect their companies from risks but also use consumer information to find potential growth opportunities.

The role of Business Analytics in the Insurance Industry can be seen through these 5 major use cases: