Lapsed insurance policies: Data analytics to benefit customers

Data analytics has emerged as a major tool to influence various aspects of business in the 21st century. Digitalisation has not only facilitated business transactions with far greater speed and accuracy but has also led to generation of huge data of all the constituents of business and opening opportunities for analysing each of such stream of data for greater insight in respect of product design, product price, consumer’s taste and buying propensity and so many other issues impacting growth or profitability of a business entity. These days storing data is not an issue and the best use of such data is to analyse them for better decision making and strategising leading to more customer satisfaction and faster growth.

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