iLAB UNDERSTANDS INSURANCE
Over the past decade, technology has drastically impacted the insurance industry. Big data has enabled the use of telematics, which can provide insurers actionable data about the habits of each individual customer, their susceptibility to risk and trends in the areas they live and work.
Harnessing the power of big data, insurers are able to amplify the actuarial calculations that determine premiums. Premiums are able to be accurate down to the specific customer, and high-risk candidates can be avoided altogether.
Understanding more about customer behavior greatly reduces the company’s exposure to risk and directly impacts the bottom line.
In addition, technology has led to customers wanting more control over their policies and how payments, claims, or changes need to be processed.
This pressure has forced insurance companies to overhaul how they conduct business entirely.
While these changes have worked to reduce a company’s exposure to risk from a traditional actuarial perspective, the pressure to adapt and innovate new technologies has heightened the risk elsewhere.
The improper calculation of premiums, or an inability to meet customer demands can have a devastating impact on a company’s revenue.
"The insurance industry is extremely competitive, so we are always forced to adapt quickly. We trust iLAB to guide us and keep our solutions working the way our customers expect."
Securely gather data from an extensive network of third party resources to help your organization more accurately use local statistics and trends to calculate premiums.
EXPAND SALES CHANNELS
Deploy your application tools to an extensive network of sales agents, including third party sales partners working with different solutions than an internal team might.
GROW PARTNERSHIPS AND REWARDS
Partnering with third parties to reward customers for good behavior and refunding premiums can be a great competitive advantage, but requires a complicated network of calculations to get it right.
Your customers expect the ability to view their account, pay bills, and report claims in real-time from their computer or mobile device. Does your solution seamlessly operate regardless of the device that is being used?
ITS ALL IN THE NUMBERS
The pressure to innovate and harness the power of data resulted in one iLAB client reaching out for an ongoing engagement. The client was experiencing extremely high cost to manage actuarial changes and implement them throughout the organization and its sales partners. This hampered their ability to scale and add new sales channels.
BRANDS TRUST iLAB