Business Intelligence Solution for an Insurance Industry
Hello! I am back, after what I realized was my first extended blog break in four years. This time something technical, which is very much relevant to the product which i am currently working on. First of all, what is Business Intelligence? It is the process, tools and infrastructure for generating insights from raw data is collectively called Business Intelligence.
Every organization generates data as part of its operations. Every organization also has access to some form of external data. But in order to analyze and take informed decisions, the data has to be processed and turned into information, and the information has to be presented in a meaningful way to be able to identify patterns or to see key performance indicators (KPIs), and thereby generate insights out of the information.
This blog mainly describes the importance of BI in an insurance industry since i have to do my final project where a BI solution can be used and come up with a solution with a collection of tools.
BI Solution for an Insurance Industry:
With rising globalization and growth, Business intelligence has become important for many firms. Business Intelligence solutions help these firms to transform into a dynamic enterprise through actionable intelligence. One of the important sector in this modern world is the insurance firms. In terms of technology, insurance companies are generally not at the forefront of technology and their systems are way behind. I have taken this domain as my project with some of the open source and commercial business intelligence tools that could help this sector.
The Organization i picked was HNB assurance PLC, it is a leading Sri Lankan Insurance corporation which provides Life Insurance solutions for Sri Lankan citizens.
The following are the Analysis that i have performed on the sample data that i have collected.
Classification of their Customer profiles using Decision tree and plotted in GeoMaps
Sentimental analysis of the company’s Facebook Page
Various insights for their Insurance Claims
Sales forecasting – Dashboard
BI Tool that i have used :
DigIn is the only true end-to-end analytics platform that allows you to easily visualize your structured and unstructured data in one place.Also it has On-demand data ingest capabilities and in-memory caching allows anyone to access data from anywhere at anytime from any device.
Use of business intelligence and analytic tool/solution is very vital for any insurance company wanting to succeed in an increasingly competitive industry. The ability to turn large volumes of raw data into actionable insights represents a significant value proposition for these businesses. These insights can be priceless in terms of the limitless opportunities they can unearth across the business with the help of social media analytics. Hope, This BI tool that i have suggested for this organization is a wonder not a
You could find the slides that i have used for my presentation Here