Majesco Report Accentuates Power of Analytics in Distribution
Staff Writer | September 30, 2015
Majesco has published an insights white paper on distribution management, which assesses the changing landscape of insurance and how analytics can play a vital role in transforming distribution management to meet these changes.
Insurance providers investing in data analytics can uncover an array of opportunities across all areas of distribution management helping to reshape and make it more efficient and effective. The report, A Path to Insurance Distribution Leadership: New Channels and New Data for Innovative Outcomes, incorporates perspectives from C-level executives who participated in a Majesco roundtable on distribution management in late June.
“Distribution management is undergoing significant change, demanding greater insight through analytics,” says Kayzad Hiramanek, COO, Avantha ERGO Life Insurance. “There are three things that are important to consider. First is the veracity of data—are we capturing the right data? Second is the velocity at which data is changing—how often is the customer transacting with me. Lastly, the variety of platforms and channels that a customer uses for transactions. Are we capturing all the data so we can gain greater insight on our customers and their channel preferences? ”
“Distribution management is resurging as a critical, strategic capability at a time when channel options are expanding and customers are seeking channel choice, depending on the situation, product or transaction,” says Denise Garth, senior vice president, strategic marketing for Majesco. “All of this brings new levels of complexity for distribution management, which with the combined power of modern distribution management solutions and analytics, insurers can unlock new insights to help deliver enhanced value to both customers and optimize their channels.”
Other key findings include:
- Analytics has emerged as a strategic tool to transform the insurance business across its entire life cycle, including distribution management.
- Distribution management is a cogwheel of the enterprise, positioned to influence transformational changes that impact the entire organization. The use of analytics when approached strategically and deployed operationally, can deliver real business benefits including organization-wide efficiency, profitability, agility, and time-to-market, while strengthening both customer and distribution experience and relationships.
- Data analytics is more than just an enabler when it comes to insurance distribution. It is weaving itself into every aspect of the business from sales to marketing to customer engagement, and transforming them for the better.
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