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Business analytics in an insurance company.

Started by Steysibaylor, October 31, 2023, 06:53:34 AM

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Hi friends, I am here again to bring up a discussion on the impact of business analytics in the insurance industry. I know a little bit that one of the main advantages of business analytics in insurance is to quickly and efficiently analyze large amounts of data that are accumulated in insurance companies. Thanks to the use of business intelligence dashboards, it is possible to trace all the main economic factors that affect the work of an insurance company, such as the level of losses, profitability, contracting and other indicators of the insurance company. What do you think are the disadvantages of business analytics in the insurance industry?



When done correctly, business analytics offer no actual drawbacks. Naturally, subpar work can produce subpar outcomes. It's arguable that there are drawbacks to depending too much on analytics, as the question suggests.
But it is difficult for me to see a business succeeding without analytics in a market that is changing quickly and where AI and ML are taking on more responsibilities.


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Hello, your presence was missed. How have you been lately? Honestly, since we met we have connected but then you simply left and I have not heard from you since, regarding your question, regarding your question, I honestly cannot give you a specific answer, since I am not an expert on the subject. As for advantages, I can think of several, such as thanks to the analysis of the company you can have a great advantage over the competition of other companies, but as for the disadvantages, I honestly have no idea. Haven't you tried to talk about it with A professional? I'm sure he should be able to explain in detail what the disadvantages are.


In the world of insurance companies, where risk and uncertainty play a key role, business intelligence becomes an integral part of successful operations. Insurance companies operate with a large amount of data, including information about clients, insurance policies, and insurance cases. Business analytics allows them to extract valuable insights from this mass of information. Starting business analytics in insurance companies stems from the desire to optimize business processes, increase profits and provide a better experience for customers.