All industries are evolving technologically and in this article we will explain in detail the way in which the insurance industry is evolving thanks to all the technological tools that industry 4.0 provides us. The era of Smart Insurance 4.0 and Big Data.
- Big Data, What is it?: Let’s imagine this technology as the accumulation of information that we can have about the company and based on all this information we can exploit it for different purposes. I have asked my followers who know their client so well and almost always the answer is “a lot”, but when I ask, What is your client interested in? What does he like? What people does he surround himself with? Is your way of life? What socioeconomic level do you have? What are your hobbies? etc Big Data allows us to store this set of data to later benefit from it.
- Big Data, How do I implement it?: It is not an easy task, my first recommendation is that all the information generated by the company must be centralized, I know companies that have a website, their ERP system, their CRM system, with your accounting system, etc. And none of them are integrated at the data level, so they have to make manual updates to maintain consistency between systems and their data. The first task they must do is centralize all their information and integrate it. The second recommendation is to generate a 360° strategy to obtain customer data that the company does not yet have, integrating social networks, surveys, Chatbots, etc.
- Big Data, What are insurance companies currently doing with Big Data?: 1st success story: Currently, AXA Japan, based on machine learning from accidents, has managed to make predictions of 78%, this prediction has helped the company optimize its prices, reducing the cost for those customers who are less likely to suffer an accident. 2. Successful marriage: Currently, several insurance companies are learning to detect fraud through the analysis of historical data, being able to connect with the client’s social networks and know their veracity and their connection with people who are or were involved in the fraud. fraud. 3rd success story: Thanks to the collection of geographic data from the client’s car, it is possible to identify the best routes to drive, the routes with the greatest accidents, and thus generate a risk analysis in real time that helps the client to know the precautions to take and thereby avoid any accident.
Conclusion: Currently, many insurance companies are taking advantage of the data they generate internally not only to reduce costs and monopolize the market, but through all this data they anticipate any risk, minimizing the losses they may have, there are many other things that They can be used to revolutionize the insurance industry, the limit is your imagination.