As a highly regulated industry, it can be difficult for insurance companies to innovate to increase market share and address ever changing customer expectations. Leading organizations have invested in delivering key information insights to their leadership in order allow them to manage to risk adjusted profitability, introduce new and compelling services and offerings, and to exceed customer expectations.
Understand complex relationships: Untangling the complex web of customer relationships across products and offerings is not only key to delivering compelling offers and increasing share of wallet – it can also be critical for managing risk and monitoring for fraud. Unfortunately, customer relationships can be for more complex than simple household: A single policy holder can also be a beneficiary to other policies, can also be a partner in a corporate-held policy, and can also be a trustee for a named trust. If data were both simple and consistent, connecting these dots would potentially be quite simple. Sadly, data tends to not only be input in inconsistent manners, but as information changes over time, the disparity of data across systems tends to increase, making the job of untangling complex relationships nearly impossible.
Profisee enables insurers to automate the process of connecting the dots, even when information is incomplete or inconsistent. Leveraging best-in-class fuzzy matching, Profisee automates the process of recognizing entities and relationships that would otherwise require human intervention.