BI in Insurance Industry: What Are The Possibilities?
We all know that Health Insurance Industry is on the edge of transformation and Business Intelligence can be utilized by the healthcare industry in understanding the trend related to costs, revenues and resources. However, streamlining the complicated billing process, andidentifying the treatment needs of the patients is the veil side of Business Intelligence in the health insurance sector. Business Intelligence refers to the wide category of data warehousing, data analytics and visualization tools which is must for a sustainable business foundation.
Sanjeev Agrawal, CIO of Apollo Munich Health Insurance said that the insurance companies will elevate the use of technology in the realms of customer experience, client acquisition, and operational excellence. AMHI launched the digital office application to reduce the policy issuance time just to 7 minutes. The best part is that AMHI offers this service at your doorstep. Asia’s largest healthcare group Apollo Hospitals is now using big data analytics to put a control on Hospital Acquired Infections. The hospital group has taken a catalyst dose of technology and business intelligence to keep itself immune from HAI’s. Moreover, Apollo Hospital group wields robotics to treat the cancer patients.
Health insurance industry is one of the most competitive industries and this is why the insurance companies need better insight to be able to gain a more magnified view of the company’s performance. The key lies in the optimal decisions that need to be taken to increase the efficiency and boost the profitability of the company. But how? The only way is the right data.
Insurance companies need to provide the right information to the right people in order to amplify the ROI of the business intelligence. As a result of which, employees would be able to solve the complex issues, and also would react swiftly to the market trends. In such an unpredictable industry like the Health Insurance Industry, Business Intelligence can make it much predictable to an extent which will help you in understanding the change in your business and market.
What do you think would be the challenge for the Health Insurance Companies? Is it the data? Well the main challenge for the insurance industry is not with the data itself, because they have millions of rows of data about every facet of business. A colossal volume of data is stored, but it is difficult to find and extract.
Insurance companies have a lot of data stored in various systems right from CRM’s to ERP’s, but the problem comes in collating the data from so many sources and then converting into something which can trigger the end user intuitions.
What’s the essence of Business Intelligence?
For any company to succeed in the highly competitive health insurance industry, access to the analytics and business intelligence is a must. Because business intelligence is like a magic stick which converts humongous volumes of data into actionable insight health insurance companies need to tap on business intelligence. In order to vanquish the operational and strategical challenges, data transparency has become a critical success parameter for the health insurance companies. The absence of transparency in the data management leads to functional complexities in day to day business. Besides this, data analytics opens up other opportunities like:
- Combating Fraud
- Robust quality of service delivery
- Customer segmentation
- Driving product design
The time has struck now for the health insurance companies to adopt more digital practices and business intelligence just in order to stay competitive against the nimble and more innovative companies.
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