Tuesday, 21 November 2017

Importance Of Analytics In Decision Making In Insurance Industry

Insurance industry over the past few decades has faced a lot of challenges due to the worsening economic conditions which have affected their growth as well as insurance revenue. Along with this external factor, there are many intrinsic problems like lousy pricing, inability to check and control frauds, etc. due to which insurance companies are under tremendous pressure reports www.forbes.com. In all this gloom comes analytics as a potent tool to ease decision making.
In any industry decision making is based on data, when you have a large set of data you can make a decision which is researched and well informed. Thus, you can make better decisions in processes like pricing, marketing, customer relation, etc. With a significant amount of data at your disposal, insurers with the help of analysts can take better decisions, below are the ways analytics helps:

Cost: A major influential factor in deciding on the costs of operation is the actuarial and underwriting expenses. Traditionally the price risk involved in the underwiring involved analysis based on historical data which was not foolproof. However, with the advent of analytics, the actuaries can utilize multi variants to analyze and come up with estimates keeping a futuristic approach.

Fraud Analytics: The most significant expenditure for an insurer is claims. A substantial portion of the money earned on premium is spent on payouts to claims. The technique used to detect fraud was manual, and there were a lot of disadvantages like inaccuracy as well as being time grabbing. But with the advent of digital technology, fraud analysis has also evolved, and sophisticated solutions for analyzing fraud has come up. Some of the solutions make use of analytics in geospatial, social media, loss-padding, etc. The advantages of using fraud analytics are:
Detection of claims which are fraudulent.
False positives can be reduced.
Subrogation recovery can be increased

User analytics: Insurance models used for analyzing customer data was not very personalized, it was a one fit solution for all. That meant that irrespective of the need for the customer products were pushed to users and hence very few buyers for those products. But with the help of analytics, insurance companies can serve customers better by providing customized products and thereby more likelihood of a customer buying it.
Another advantage of analytics is the prediction. By historical analysis of data, you can predict the customer behavior and hence make acquisitions by looking into the prospect of converting each lead to a prospective customer along with considering the potential for future sales. 
Retention of existing customer is quite a challenge for insurers as more companies are coming into the market with better offers. Customer analytics can be utilized to retain customers when their policy is about to lapse. The data provided in this model can also calculate clients who add value and thus increase profits. Targeting such customers will improve your profitability than pursuing customers who do not add value. Companies can achieve earnings by using this retention model to convert lapsed policy to an active one.

Many insurers are of the opinion that using analytics can be a massive investment regarding infrastructure and software, but many open source tools can be used based on your business needs.

Monday, 13 November 2017

Steps While Selecting A Tree Service Provider

Tree care can be a dangerous job if you do it by yourself. Why not seek professional expertise to get the tree care done. Visit http://www.williamstreepro.com.au/ to find out what you will get from a tree service. According to www.angieslist.com, a tree service can work towards complementing the beauty of your landscape. Tree care is a challenging job, hence do not try to get into it yourself. It can be tricky, and you might end up injuring yourself. A huge amount of effort is required to get the trees shaped up. 

When working with a tree, it can involve working on heights which is dangerous. Unless you have got the right protection gears, do not even think of doing the tree care yourself. Search for tree services in your city and check their reviews online. In the age of the internet, none of us is devoid of any information that we really seek. You can look for the recommendation from friends or family. It is good to proceed with someone you know. Before hiring a service, provider make a list of questions that you would like to discuss with the tree service provider. Questions like company's credentials.

Companies having international certification in tree service must be your first choice. You can find tree services with Line clearance approved certification. They can work in proximity to electrical lines if the need be. Ask the company to provide some references where you can get their service checked and verified. Ask the reference contacts they provide and gather all information about the company from people. You can also ask for their updated insurance certificate and their work contract. When they have the insurance certificate, it means you will not be liable for any damage or accident that might occur to them.

You can always ask for a detailed estimate of the service. These people can come and check the tree that you want to get trimmed or removed. Depending on the effort they analyze for the work, they will be able to provide you with a round off estimate. Time duration is an important factor to consider. Some service providers might try to elongate the duration of the service in order to extract more money from their client. Don't let this happen to you and you can do it by being an informed person. This is where the point of discussing all necessary points arises.

These were the few questions that you must discuss with the tree service provider, irrespective of the project you are taking up. There can be numerous other concerns that you can raise in front of them. Consider checking up the process they will be using. It can be unhealthy for the tree, to ensure that the process used is not going to harm the tree. Protect yourself and your tree from unhealthy practices, and for doing this, you must enquire everything beforehand from the company officials. This is the only key to getting the right choice of service and care. For more information, you can search the web and move ahead with the tree care service.

Monday, 6 November 2017

Why Using Business Cards Is Still Beneficial?

Technology has altered every outlook of our lives, and business is no exception. Business cannot hope to thrive without technology as everything is digital from sending emails to setting up meetings and signing documents. There is one thing that is irreplaceable in business is the business cards. Though there are many ways to attract customers like making a beautiful website to advertising on social media, the most useful and powerful way is your Greenlea Print business cards. According to www.business.com, a great way to spread the word about your business, in any event, is to hand out your business card even in the age of social media.
If you are looking at enhancing your business, a business card is something worth considering and here is the reason why.

Sharing business information digitally is unfriendly: When you are networking for business or otherwise, transmitting data via a text or an email is very impersonal. Any lasting relationship is when you speak personally, and that too face to face. An engaging conversation is how relationships start and are nourished. When you send information via a phone or an email, there will be no memory of the context and this information will be of no value to the recipient. But after face to face along with handing over your business card you can always send the same information via a text so that the same can be stored on the receiver’s phone.

A useful marketing tool: Though business spends money on various forms of online and offline advertising, sharing your business card in an event is the most effective tool when it comes to marketing your business. You can even get many leads and potential closing of leads in for example a tradeshow or an exhibition or any such event as you can meet potential customers in person, show your business, hand over the business card and create a customer. Do not forget to carry lots of business cards when you are in such events as a guest or as a participant.

Branding: Having a great looking business card gives a great first impression to your potential customers. A business card not only conveys your business address and email, but it also creates a brand value for your business. The business card should be creative, aesthetically appealing and should compel potential customers to have a look at your business. Cheap business cards should be avoided as the interest levels of the receiver drops and creates a wrong impression of your business.

Shows your preparedness and attention to details: having a business card in your purse or wallet is also very convenient when you are in a party and want to grow your business. You would not want anyone to write it on a piece of paper and lose it or in some cases when you are speaking to a potential customer, and you are about to share your business information digitally and find that the recipient phone is dead. In such circumstances, a business card can be convenient to market your product or service.