Simply stated, the Insurance Industry is concerned with risk assessment. With that in mind, the industry’s use of Big Data and analytics software is no surprise. In the ultra-competitive market, modern insurance companies find themselves in, accurately assessing risk is essential to success. However, risk assessment is just one component of a modern insurance company. The competitiveness of the market makes customer retention crucial, as it is much less expensive to keep an existing customer than it is to acquire a new one. There are two segments of the insurance industry in which Big Data has found the most success, automotive insurance, and health insurance. Both are collecting more information than ever before in order to provide personalized experiences to consumers.
One only has to watch a few moments of the latest television programming to understand how competitive the insurance industry is. It is impossible to get through one commercial break without seeing multiple advertisements for various insurance policies. However, these methods are proving to be less effective than they have traditionally been, forcing marketing teams in the insurance space to find new an creative ways to reach customers. Enter Big Data. Insurance companies are using Big Data in a number of ways to improve marketing efforts, namely sentiment analysis and customer retention. Consumers are continually turning to Social Media to express their gratitude and concern about a brand and its products. Sentiment analysis with social media data gives marketing teams the ability to tailor ads to particular consumer segments.
The Automotive Insurance industry was one of the first to adopt Big Data into their business model. The biggest push has been through connected cars. Insurance companies are providing customers with sensors or mobile apps, which track their driving habits. Those with better driving habits are eligible to receive better policies. While there are privacy concerns, the new technology has been met with positive customer feedback, as it provides value to them. The information these sensors provide is incredibly valuable to insurance companies as well, as it gives them the ability to create a personalized profile of the driver and in turn assess risk more accurately than ever before.
The Health Insurance industry faces the challenges of difficult risk assessment and an ultra-competitive market space. In order to stay competitive, health insurance companies have begun to use Big Data. Most notably, it is being used in connection with wearable technology, such as the Apple Watch and Fitbit. This technology has been proven to be beneficial to both the user and insurance company. So much so, that some companies have begun to provide a Fitbit for free with a new insurance health insurance policy. The logic is simple. The wearable technology has the ability to track a users activity level and assess lifestyle choices. This information allows the insurance company to properly assess risk and provide reasonable policy options. Companies are also giving users the ability to adjust their rates and premiums if they improve their lifestyle, all of which can be tracked by the wearable technology.
Insurance Use Cases
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