Everything 360: Unleashing Data’s Full Spectrum in the Insurance Sector
The Insurance industry is inundated with a huge amount of data, but harnessing its full potential has remained a significant challenge. As per industry figures,
The untapped reservoir of data holds immense insights and potential, but without the right tools and strategy, it’s like having a treasure chest without the key.
LUMIQ’s Pioneering Role in Data & Analytics
Enter LUMIQ, a data & Analytics company, with over 10 years of experience in the Financial Services Industry. With our deep domain expertise and commitment to innovation, we have always been at the forefront of the transformation to convert data into valuable assets.
With LUMIQ, Insurance companies are not just managing their data, they’re enriching it, analyzing it, and most importantly, leveraging it to create measurable value.
Introducing ‘‘Everything 360’’ — Transforming Data into Dynamic Business Solutions
Bridging the gap between data potential and actual data usage, we have introduced the concept of “Everything 360”. This is not just a tool but a dynamic and adaptable foundation for a myriad of offerings in the Insurance domain, providing the ability to not only handle the sheer volume of data but also turn it into actionable insights.
• The Core of ‘‘Everything 360’’: A Multi-Disciplinary Approach
With the proliferation of data across every function, this solution provides the flexibility to utilize data and stay ahead of the curve. At the heart of this lies an amalgamation of multiple technical disciplines such as Data Engineering, API Engineering, BI Development, etc.
The genesis of the solution starts from ingesting data (structured and unstructured) from multiple available sources. Our solution uses pre-built connectors that can ingest data from any source at scale and speed ensuring reliable operations.
• The DNA-Inspired Framework for Data Management
LUMIQ also understands that effective use of data requires effective storage of data so that it can be used by any application and user. To enable this, the underlying framework of data management is inspired by the biological DNA, which allows the addition of virtually unlimited data to the system, accommodating continuous growth and evolution.
Everything 360 Offerings
Enriching Business Functions Combining all the elements, we build a suite of Everything 360 offerings. At the core, this provides a comprehensive view of different entities across the business functions, e.g.,
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Transformative Impact of Everything 360 in Insurance
The implementation of Everything 360 in the Insurance sector is not just a technological upgrade; it’s a paradigm shift in how data is utilized to drive decision-making and enhance customer experiences. The applications are vast and some of the impacts can be:
Everything 360 in Action — Decoding Real-World Application
Imagine a health claim from a policyholder of a Health Insurance Company. As the claim is entered into the system, it triggers a series of automated processes within the Everything 360 ecosystem.
This interconnected system allows for a holistic view as well as independent analysis.
Additionally, the Everything 360 platform could flag a pattern of claims immediately following policy purchase or excessive claims right before policy renewal, both of which could indicate potential misuse of policy terms.
The example mentioned above is just one of many ways how this solution is helping the Insurance companies. It empowers insurance companies with a 360-degree view of their operations, flagging anomalies, uncovering insights, and enhancing the decision-making process at every level.
The Future
In terms of other consumption avenues, various analytic algorithms can be run on data (this includes both structured and unstructured data) to derive meaningful insights. The data can also be utilized for ML models to enable multiple use cases for different teams. These use cases can then further be enhanced through Generative AI solutions.
Why Choose LUMIQ for Your Data Journey
LUMIQ’s suite of solutions and services are designed to meet the unique challenges and opportunities of data management. We understand that in the data lies the potential for better customer engagement, more efficient operations, and a more profound understanding of the market. We are a trusted partner of 40+ clients in India and are constantly helping them achieve their business goals.
LUMIQ is not just riding the wave of the future; we’re pioneering it. With our cutting-edge solutions, we are transforming the way how Insurance companies use their existing data. Dive into this transformative journey with us, and let’s shape the narratives of tomorrow, together!
This blog was originally published here.