OpenText Big Data Analytics for Insurance Solution …...Big Data Analytics allows Insurance...

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OPENTEXT™ BIG DATA ANALYTICS FOR INSURANCE SOLUTION OVERVIEW ENTERPRISE INFORMATION MANAGEMENT BENEFITS Seamless data integration from different sources for a 360º business view. Deep knowledge of customers, allowing for advanced segmentations. Identification of association rules, product matrix and scoring in order to recommend a substitute or complementary product. Business processes monitoring and automation for greater efficiency. Increased customer loyalty and business profitability. Earlier detection of fraud cases SUMMARY OpenText Big Data Analytics combines speed, ease-of-use and powerful predic- tive tools in a single, affordable end-to- end solution. It integrates, cleans, and analyzes multi-source data quickly and easily so that insurance companies can improve results while saving time and money. Find out more about Big Data Analytics and how we can help your company stay in front of the market. Send an email to [email protected] or visit www.opentext.com/bigdataanalytics OpenText Big Data Analytics for Insurance Ensuring the growth in terms of volume and benefit, optimizing business processes and reducing costs and risks Big Data Analytics allows Insurance companies to manage suppliers, customers, partners and brokers efficiently and with agility, as well as to optimize resources and automate business processes, internal and external, and of course, to design a global insurance product and service portfolio to keep up with the ever-changing needs of our society and to fight customers loss of value and potential fraud. A Closer Loop to Opentext Big Data Analytics Solution Fast, seamless integration of large volumes of heterogeneous data for a 360º business view Insurance companies need to have free access to valuable information for the business, and therefore they must face the analysis of big volumes of “raw” data, which result from thousands of daily transactions with customers, brokers, suppliers, employees and investors. OpenText Big Data Analytics integrates transactional data generated in different departments or areas inside the organization –even with different data model or management model- and cross them with external information, like behavioral, demographic or contextual data. Companies in the insurance sector face a changing and highly competitive environment. In addition to the threat of lower business volume due to the global economic crisis, insurance companies bump into other factors, structural and sectoral, which affect the business: globalization risks, sector concentration, population aging, strict pro-solvency regulation and a growing competitive pressure, which gets even worse due to reasons such as restructuring of the banking sector or the need to meet strict compliance regulations across different countries. In such scenarios, the main challenge companies face is to be able to leverage internal customer information and also factor in external variables, to gain a full picture of what will help them move beyond simple survival, lower costs, mitigate risks and ensure growth, both in terms of volume and benefit.

Transcript of OpenText Big Data Analytics for Insurance Solution …...Big Data Analytics allows Insurance...

Page 1: OpenText Big Data Analytics for Insurance Solution …...Big Data Analytics allows Insurance companies to manage suppliers, customers, partners and brokers efficiently and with agility,

OPENTEXT™ BIG DATA ANALYTICS FOR INSURANCE

S O L U T I O N O V E R V I E W

E N T E R P R I S E I N F O R M A T I O N M A N A G E M E N T

BENEFITS

• Seamless data integration from different sources for a 360º business view.

• Deep knowledge of customers, allowing for advanced segmentations.

• Identification of association rules, product matrix and scoring in order to recommend a substitute or complementary product.

• Business processes monitoring and automation for greater efficiency.

• Increased customer loyalty and business profitability.

• Earlier detection of fraud cases

SUMMARY

OpenText™ Big Data Analytics combines speed, ease-of-use and powerful predic-tive tools in a single, affordable end-to-end solution. It integrates, cleans, and analyzes multi-source data quickly and easily so that insurance companies can improve results while saving time and money.

Find out more about Big Data Analytics and how we can help your company stay in front of the market. Send an email to [email protected] or visit www.opentext.com/bigdataanalytics

OpenText™ Big Data Analytics for InsuranceEnsuring the growth in terms of volume and benefit, optimizing business processes and reducing costs and risks

Big Data Analytics allows Insurance companies to manage suppliers, customers, partners and brokers efficiently and with agility, as well as to optimize resources and automate business processes, internal and external, and of course, to design a global insurance product and service portfolio to keep up with the ever-changing needs of our society and to fight customers loss of value and potential fraud.

A Closer Loop to Opentext Big Data Analytics SolutionFast, seamless integration of large volumes of heterogeneous data for a 360º business view

Insurance companies need to have free access to valuable information for the business, and therefore they must face the analysis of big volumes of “raw” data, which result from thousands of daily transactions with customers, brokers, suppliers, employees and investors. OpenText Big Data Analytics integrates transactional data generated in different departments or areas inside the organization –even with different data model or management model- and cross them with external information, like behavioral, demographic or contextual data.

Companies in the insurance sector face a changing and highly competitive environment. In addition to the threat of lower business volume due to the global economic crisis, insurance companies bump into other factors, structural and sectoral, which affect the business: globalization risks, sector concentration, population aging, strict pro-solvency regulation and a growing competitive pressure, which gets even worse due to reasons such as restructuring of the banking sector or the need to meet strict compliance regulations across different countries. In such scenarios, the main challenge companies face is to be able to leverage internal customer information and also factor in external variables, to gain a full picture of what will help them move beyond simple survival, lower costs, mitigate risks and ensure growth, both in terms of volume and benefit.

Page 2: OpenText Big Data Analytics for Insurance Solution …...Big Data Analytics allows Insurance companies to manage suppliers, customers, partners and brokers efficiently and with agility,

OPENTEXT™ BIG DATA ANALYTICS FOR INSURANCE

S O L U T I O N O V E R V I E W

E N T E R P R I S E I N F O R M A T I O N M A N A G E M E N T

Deep customer knowledge to design a diversified portfolio, identify cross and up selling opportunities and reduce churn

Companies operating in the insurance sector face an enormous and urgent challenge to cultivate the loyalty of a customer portfolio that is usually dissatisfied, prone to lose value and that too often migrates from one company to another, looking for the service that best fits their changing needs. At the same time, they intend to attract new customers, who are eager to manage their own products freely. Facing this challenge effectively includes designing a diversified, global, transparent and high-quality portfolio that responds to the present and future needs of society, individually and in a customizable way. OpenText Big Data Analytics helps insurance companies get to know their customers in depth to implement a solid acquisition and retention strategy, maximize customer lifetime value and prevent churn. Built-in advanced analytics techniques, such as profile, Venn diagram, association rules or decision tree make it easy for business analysts to anticipate customer needs, detect cross and up sell opportunities, determine the next best offer for each client and ultimately, increase customer loyalty, incomes, save costs and become more competitive.

Profile: create comprehensive customer profiles using demographic and behavioral variables

Decision Tree: recognize behavior patterns for the classification of those likely to commit fraud

Forcasting: predict trends to detect anomalies or errors during a particular time period

Venn Diagram: identify cross-selling opportunities instantly and visually and extend customer lifetime value

Claim analysis and fraud detection

Insurance fraud is one of the oldest types of fraud ever recorded across all sectors. For a business that is built on risk analysis and probabilities, every instance of insurance fraud puts pressure on the business, raises the cost of insurance and compromises their performance and results. OpenText Big Data Analytics puts visual data mining techniques in the hands of the business analyst to identify patterns and anomalies, discover hidden relationships, and forecast and detect risks sooner, allowing an efficient claim management and a stronger protection against fraud and other unforeseen events.

Page 3: OpenText Big Data Analytics for Insurance Solution …...Big Data Analytics allows Insurance companies to manage suppliers, customers, partners and brokers efficiently and with agility,

OPENTEXT™ BIG DATA ANALYTICS FOR INSURANCE

S O L U T I O N O V E R V I E W

www.opentext.com NORTH AMERICA +800 499 6544 • UNITED STATES +1 847 267 9330 • GERMANY +49 89 4629-0

UNITED KINGDOM +44 (0) 1189 848 000 • AUSTRALIA +61 2 9026 3400

Copyright © 2015 Open Text Corporation OpenText is a trademark or registered trademark of Open Text SA and/or Open Text ULC. The list of trademarks is not exhaustive of other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text SA or other respective owners. All rights reserved. For more information, visit:http://www.opentext.com/2/global/site-copyright.html (11/2015)04107.1EN

Control, Automation and Optimization of processes

Strengthening business management processes can clearly contribute to reducing expenses and gaining agility in decision making and in all business operations and actions. With the aim of achieving the business goals and profitability within the framework of competitiveness, OpenText Big Data Analytics enables business users to set and validate KPIs (key performance indicators) and balanced scorecard systems to monitor goals, strategy and activity and company results in almost real time. These performance indicators can be predefined or easily customized to the organization’s requirements and dimensions at any time.

Maximum security and confidentiality of data

Insurers assume confidentiality, integrity and availability of data as a must, so they require a solid structure of physical, logical and legal security. OpenText Big Data Analytics ensures the maximum protection of corporate and personal data at all times, including integrated LDAP, ACL for functions and data access, Data Protection Act, restricted access codes, expiration policy passwords, and log access.

Why Opentext Big Data Analytics• Analyzes unlimited volumes of “raw” data, coming from

thousands of daily operations with customers, brokers, partners and suppliers.

• Crosses and integrates data from heterogeneous sources to get a global business view.

• Protects the confidentiality, integrity and availability of corporate data and customer files.

• Allows companies to get to know customers in depth, identifying the variables that best describe them, to design a diversified, multi-channel and customized portfolio.

• Makes advanced segmentations depending on the customer’s profile and profitability, which is calculated taking the volume of bonus and catastrophes into account.

• Detects customer-product and product-customer opportunities.

• Identifies association rules, product matrix and scorings in order to get to know the best product to offer or recommend.

• Predictive Analytics for an accurate view of payments and charges and for early fraud detection.

• Sets and validates KPIs and balanced scorecard systems for business process monitoring.

• Aligns IT and business users with the organizational goals, and unifies the channels to communicate with customers, integrating external and back office processes for a consistent business view.

• Builds business rules according to the expected profitability, the likeliness of a policy to be cancelled, the likeliness of customers to churn, fraud patterns, etc.

• Systemizes best practices in order to guide the business and speed up the strategic decision-making process.

• Makes interactive expense analysis, emergency management, financial ratios, comparisons, regular monitoring within seconds, with full agility and flexibility.

Workflow: generate business rules and automate processes

Canvas: design and implement customized key performance indicators (KPIs) to monitor performance and goal-acceptance threshold.