Read More
DEFINITION of Insurance Dashboard
An interactive digital tool that combines and manages all aspects of a user’s insurance policies in one platform. An insurance dashboard provides much needed transparency within the insurance sector, and is used by both insurers and the insured to track and monitor activities related to an insurance account.
BREAKING DOWN Insurance Dashboard
Technology in the insurance sector (Insurtech) has surged following customer demand for more transparency and lower premium rates. Before the proliferation of technology in the insurance sector, significant time had to be invested by brokers and individuals in getting quotes from insurance companies. Traditional insurance shopping for best rates requires calling as many insurers to cross-reference the types of coverage each offers with their subsequent rates. With an insurance dashboard, a shopper avoids this lengthy process since the required information is readily available on the digital board. Dashboards provide immediate transparency, interactivity, and convenience—important traits that are much needed for financial inclusiveness.Dashboards are used by online brokers to display rates quoted by different insurance companies for certain types of coverage. Insurance dashboards provide a one-stop comparison shop for consumers who can easily access information about insurance products quickly. Providing immediate quotes where clients can conveniently decide on the right coverage for their needs is one of the benefits of the insurance dashboard.
Users who are already covered by a policy can access their personalized dashboard online through a cell phone, tablet, or laptop by logging onto the insurer’s site. An customer with multiple coverage under the same insurance firm, say for car, home, health, and travel, will see information pertaining to all policies on the same dashboard. From the dashboard, the insured can file for and monitor the progress of an insurance claim without the step of making multiple calls to the claims department. Some insurance dashboards have an upload feature for claimants who would like to attach pictures or documents to their claims file. Information included on the dashboard include annual premium, status of claims if any, effective policy date, and other basic information like name and address of the policy holder.
Insurance companies use dashboards to gather the necessary data on its users. Data analytics involves using insurance data to determine the relationship between earnings through premiums collected and losses that arise from claims filed. Information that is retrieved by insurance analytics provides insurers with insight on the demographics of their policy owners that are more expensive to insure. For example, an insurer that reported losses in the previous year can analyze its dashboard metrics for the purpose of improving its operations. If it sorts through its available data and the numbers reveal that policy owners that are male between the age of 25 and 30 have the most claims on file, the company might decide to increase the premium paid by this group to cover for costs incurred. Dashboards used within insurance firms include information such as name and policy ID of policy holders, age, gender, claims history, claim type, risk assessment, loss ratio, and type of coverage provided.
Information on a dashboard can be filtered and sorted to make corporate decisions, converted to graphs and charts for visual communication, and shared with third party companies like banks.
Through advancements in insurtech and fintech, dashboards have provided a means where brokers, insurers, insurance shoppers, and policy owners can readily access insurance information with little to no out-of-pocket costs.
0 comments: