Insurance companies are investing heavily in big data and analytics initiatives because they have incredibly robust datasets on their customers that can drive immense business value. These improved analytical models lead to better profitability by helping these insurance agencies improve how they manage risk, target potential markets and customers, remove potential bias and to resolve customer issues. The potential doesn’t end there, as actuaries and data scientists can safely access additional sensitive data fields like age, gender, race etc. they can drive even more value for the company.
Insurance companies are being challenged to realize the benefits of their data by cumbersome data management practices, decentralized privacy governance, and mounting global privacy compliance regulations. In order to overcome these challenges companies should look towards systematic and automated data privacy options that will enable them to accelerate their time to data while preserving its utility and protecting privacy.
The data that is being analyzed by your data scientists and actuaries is responsible for powering a wide variety of incredibly important initiatives including:
That is why it is critical for leading organizations to develop methods for leveraging and sharing data effectively across their organization and partner ecosystem.
Privitar delivers uncompromised data utility with a configurable, automated solution that minimizes the risk of data misuse. This platform allows insurance companies to leverage and analyze more of the data they have collected and stored, providing improved analytical insights. This is accomplished through: