The insurance industry is evolving dramatically, and meeting the diverse challenges of customer needs, external risks, and portfolio exposure is impacting every part of the insurance value chain.
As an insurer, you must stay attuned to an array of risks – from claims leakage to underwriting over-exposure to external events. And you must also vigilantly remain on the lookout for opportunities: to offer more tailored products, cross-sell to sticky customers, retain those at risk of churn, and improve overall efficiency and service. There are significant competitive pressures, too, including economic and climate uncertainty, supply chain disruption, evolving means of distributing products, and the rapid evolution of customer preferences, needs, and expectations.
Many of the answers that can help you grow, optimize, and protect your insurance business in this dynamic landscape reside within your data – which is growing in complexity and volume by the day.
According to Forbes, it is estimated that 90% of the world’s data gets created every two years. However, some insurers use only a small fraction of the data that’s available to them for decision-making – about 10% to 20%, on average. Why are they only scraping the surface? Because they face the growing breadth, complexity, structures, and formats of insurance data.
Couple those challenges with existing technological constraints and time spent wrangling data, and it’s easy to understand why many insurers have yet to fully exploit the data available to them and adopt and use artificial intelligence (AI)-powered tools in a trusted and repeatable way at scale in the business.
Quantexa aims to help insurers embrace the next step in the evolution of data analytics and business intelligence known as Decision Intelligence (DI). Our mission is to help you develop holistic, contextual views of your structured and unstructured data within Guidewire, alongside an array of external sources such as corporate registry, public record, news, intelligence lists and others – and to stitch together that information, on demand, at over 99% accuracy.
We want to help you use the full scope of your data more effectively so you can better understand your customers, claimants, third parties, and suppliers. We then help you tailor the next generation of smarter underwriting controls, with more robust risk assessments, to deliver more intelligence into sales opportunity generation for your insurance business.
Benefits you can gain from Decision Intelligence
Quantexa’s Decision Intelligence Platform allows insurers to connect and operationalize data of any quality, from any source, internal or external. DI technology uses AI to provide enriched, accurate, 360-degree views of customers, third parties and portfolios that can serve multiple business use cases for insurers. With DI, you can improve sales and distribution, underwriting, and know your customer (KYC) processes; reduce claims leakage; prevent fraud; and much more. In fact, Quantexa’s latest Forrester TEI study has shown how DI can be scaled across multiple use-cases within an enterprise, delivering over 228% ROI.
The most successful insurers have already taken steps to unify all their data in this way so they can gain actionable intelligence they can use across the value chain – plugged seamlessly into Guidewire workflows. These insurers are at the forefront of using AI to innovate how they work with their data. For example, Allianz Technology CFO describes how they have “access to a wealth of data on the industry and on our global customers. But for this data to drive business insights, it must be homogenous, which is not always the case. Achieving this is an enormous task, which is why we are partnering with Quantexa. We want happier customers, and to ensure the claims we are paying out are accurate in the process.”
DI helps data professionals and operational handlers to spot critical connections in data that they can’t easily see or may never know about otherwise. Some of the world’s top insurers are well along in their DI journey, and they’re using DI to increase decision-making speed and efficiency through automation. That allows data specialists to focus on the most critical, bottom line-enhancing work.
DI also enables these insurance businesses to save costs. For example, insurers that have adopted Quantexa’s Decision Intelligence Platform have seen a 80% reduction in investigation time, 75% reduction in false positives and a $3bn in fraud detected through automated decisioning.
Making the leap to Decision Intelligence – with Quantexa and Guidewire
By exploring DI, you build additional trust in your Guidewire data assets – alongside data assets beyond Guidewire as well – in a single place. You can establish a culture of confidence in augmented and automated decision-making to improve your overall approach to adopting AI and the latest data analytics techniques. These elements are essential to accelerating digital transformation and unlocking the full potential in straight-through processing.
You can use Quantexa’s dynamic Entity Resolution to connect billions of disparate data records and create contextual, accurate, and highly scalable connected views of every applicant, customer, claimant, third-party, supplier, and risk across the insurance value chain. And you can further enrich those views with trend and macro-level data generated by Guidewire’s analytics tools, such as the weather or catastrophic event data from HazardHub, to further reduce risk and drive competitive advantage.
Another way you can shorten the path to using DI in your everyday work and turning your insurance business into a true data-driven enterprise is by connecting Quantexa’s DI Platform with the Guidewire Data Platform. This enables analytics models in Guidewire to be built seamlessly from a connected and unified view of relationships, connections, and associations across data both within and outside of Guidewire PolicyCenter or ClaimCenter. By connecting these complementary solutions, you can make the most of the vast trove of data available to you and deploy models directly into Guidewire workflows.
No more holding back
Data is an incredibly valuable asset for any insurer. But again, without the right tools, insurance firms are leaving as much as 80% to 90% of available data out of their decision-making processes. It stays locked in silos or in disconnected formats, or it’s simply not being used or reused effectively for decision support.
With so many risks to manage and new opportunities to seize, it’s becoming increasingly critical to modernize operations at your insurance business so you can generate actionable data insights from all the relevant data available to you. And by using Quantexa’s DI technology along with the Guidewire Data Platform, you can make a significant leap forward on both fronts.
Learn more about how Decision Intelligence can transform your insurance business
To find out more about Quantexa’s DI Platform and how DI can help you grow, optimize, and protect your insurance business, download Quantexa’s ebook, How Decision Intelligence Is Revolutionizing the Insurance Value Chain. Quantexa is a member of Guidewire’s Insurtech Vanguards program.