LONDON--(BUSINESS WIRE)--Quantzig, a leader in delivering scalable analytics solutions and data science services, today announced the completion of its recent article that offers comprehensive insights on managing insurance risks using advanced risk analytics solutions.
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As the insurance industry adapts to the new normal, the ‘Risk Function’ must keep pace, failing which businesses can incur huge losses and lose market value. At the same time, insurers must focus on effectively managing insurance risks by ramping up their analytics investments and transforming themselves digitally to stay relevant and recover lost shares. With an increasing focus on improving data governance, data management, and productivity, we now witness a rise in inclination towards risk analytics. As a result, there has been an intensified effort across the industry to review and assess risk management processes and implement changes to proactively manage the risk culture. Read the complete article for detailed insights on the benefits of customer experience analytics: https://bit.ly/2YyAHL5
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Managing Insurance Risks: Three focus areas when implementing risk analytics in insurance
#1 Speed and accuracy of insights
Identifying and managing insurance risks by leveraging risk analytics is crucial in the current scenario as it enables businesses to save time and resources by automating data analysis and insight generation.
#2 Organization-wide, unified view of risk
The use of advanced risk analytics will enable businesses to drill down on issues of relevance including, customer behavior, concentrations of risks, and other technical deviations. This ability will, in turn, enable the insurers to fully incorporate risk, as well as factors impacting growth, throughout its decision-making process.
#3 Alignment to the business strategy, rather than compliance
As business activities become increasingly automated, the information gathered through risk analytics will help insurers to understand and analyze the impacts of different risk scenarios driving strategic decision-making.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal