Center of Excellence in Business Analytics

Health Insurance

Analytics in Health Insurance

Having a sustainable healthcare system can promote better health for people, reduce the financial risks associated with medical care while at the same time improve patient outcomes and consumer satisfaction. Consumer satisfaction lies in knowing that the best care is being provided with competent and reliable diagnosis and treatment at the lowest possible cost. We need a preventive and proactive approach backed by better research at macro levels and at the individual level to bring down the costs associated with care, medicine and insurance.

In health insurance industry, big data is the key when gathering information of potential cost of treatment for different medical conditions and identifying the relative risks. Analytics can help reduce the cost of insurance by organizing public health databases and predicting the risk of diseases and the cost of treatment. Analytics provide insights on virtually any kind of relevant question a health or life insurance company might have about its customer database. Insurance companies can find out, for instance, how customers will respond to changes in product design, or which types of people will be attracted to the various health insurance products offered by a company.

Fixing the Insurance Industry: How Big Data Can Transform Customer Satisfaction

There are many opportunities for insurers to offer better, more customized products, not only in health insurance but in the greater industry as a whole.

June 2015 - Alan Walker, SVP at Capgemini Consulting UK discusses the opportunities for insurers to improve customer satisfaction using Big Data and Analytics.

INFORMS: The Common Answer to Global Healthcare Improvement

INFORMS: The Future of Healthcare

INTERFACES: Reconfiguration of an Insurance Company's Sales Regions