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AI-powered Analytics for Insurance companies

From ever-changing regulations to market volatility and natural disasters or crashes, insurers face a host of uncertainties. It is more important than ever that insurers deliver optimal communications to customers, agents and public agencies to nurture loyalty and maintain regulatory compliance. Insurance companies also face competitive pressure to keep operating costs down and process claims more efficiently.

Meanwhile, new and expanding streams of data, for example from IoT sensors on cars, weather imagery, social media or digital health records, offer insurers more information on which to base their decisions, but also pose the challenge of ingesting, analyzing and organizing enormous volumes of data to find the insights hidden within.

The right kind of analytics are adaptable, intuitive and powerful enough to handle the biggest and most diverse data sets to help insurers thrive amid the turmoil.

Innovative solutions for Insurance companies

The OpenText™ Magellan™ Analytics Suite and OpenText™ Magellan™, the AI-infused analytics platform, deliver precise and relevant information to insurance underwriters, policy holders, partners, third-party service providers, regulators and employees. They offer sophisticated tools, such as customer segmentation, profitability projection and trend analysis, along with a wide range of appealing, easy-to-use charts, graphs and other visualization formats for self-service, sharable reports and dashboards.

Insurance companies can use Magellan and the Magellan Analytics Suite to combine structured and unstructured data to get a richer, deeper view of the situations and clients they are underwriting, make more accurate predictions, sell more efficiently, proactively target fraud and operate more profitably. To streamline workflows and eliminate costly and repetitive paperwork, insurers can leverage AI-infused content capture, which reads and accurately interprets documents and can even predictively process them.

Meanwhile, agents and brokers can customize views of claims, customer information, policies, sales and account data to improve communication and grow revenue. This also facilitates a better understanding of policyholder behavior to tailor policies for better customer satisfaction and lower risk exposure.

The OpenText analytics solutions help insurance companies:

  • More efficiently ingest and analyze data from structured and unstructured sources, such as support chats, health records, accident reports and claim forms
  • Streamline claims processing through AI-infused content capture
  • Improve customer satisfaction through realtime status updates
  • Strengthen distribution channels with comprehensive performance data for agents and third-party service providers
  • Securely archive, store, manage and deliver critical policy and claims data
  • Reduce customer churn through better-tailored policy recommendations
  • More effectively predict risks and detect opportunities by deriving valuable market intelligence from a variety of data sources