Find and keep loyal policyholders
You have questions about customer behavior, customer preferences and customer loyalty with an eye to customer lifetime value. You want to use data to build the right campaigns and design the most attractive offers to get new customers and retain them. With IBM Watson Analytics, you can use analytics, on your own, to get the insights you need to make data-driven decisions
Watson enabled workflow for underwriting and claims
The Dayhuff Group believes the underwriting and claims processes in insurance are going through a transformation. Insurance companies are looking for ways to decrease the time it takes to process new business and increase margins. To do this they are looking to automate and streamline their processes, driving out obstacles that impede the process.
Watson works alongside the underwriter or claims adjuster to offer insights into the task at hand. Watson will proactively gather the resources needed for the adjuster or underwriter to make a decision. Watson also learns, and will identify when a like scenario occurs and provide additional information that may have been lacking in previous instances.
Watson enabled Agents
Insurance companies are sometimes the last to know when a policy holders' insurance needs have changed. This puts the policy holder at risk and creates a missed opportunity for the insurance company. Watson can identify when a life event occurs for a policy holder and automatically inform the insurance company. In many circumstances Watson can pre-create a policy for the customer to be presented, simplifying the process for the customer and increasing the close rate for the agent.