In an increasingly data-driven world, it’s vital to have accessible ways to view and understand data. The Life and Pensions industry is a sector built on data and with increasing amounts being generated, digital technology and data mastery are becoming crucial parts of the insurance process.
For insurers managing high volumes of data, bringing data insights to life can be challenging, especially if the output is presented in a setup that is not easy to understand or share.
That’s where data visualization comes in handy.
What is data visualization?
Simply put, data visualization is the graphical representation of information and data. By using visual components, such as infographics, maps and charts, data becomes easier to understand and interpret. It also makes it easier to identify patterns, trends and outliers in large data sets. Such contexts help clarify varied data relationships and bring data-driven insights.
Since the demand for data visualization and analysis is increasing, the tools and solutions in this area have developed fast and extensively in the past few years. Given the rapid pace of digital transformation, that is good news, because it is important to analyze data and act on it. To highlight the most important aspects of your data, by choosing the right visualization, insurers can highlight new insights and communicate them more adequately. This can result in smarter actions and bigger outcomes for insurance companies.
Benefits for insurance companies
In the world of insurance, data visualization tools and technologies are essential to analyze vast amounts of information and making data-driven decisions. They are used to aid areas of their business such as premium forecasting, claims analysis, fraud detection and revenue comparison. For insurance companies, visual representation has become an important tool for understanding and communicating risks and informing plans to address them. It also enables insurers to present data to non-technical audiences without major confusion.
With more powerful data modeling tools, insurers can incorporate data from various sources to create an overall, and more accurate, picture of risk, removing the need for additional costs in many cases. With data visualization technologies, insurers can provide an ever-needed way to effectively communicate these hazards in the most efficient way possible, expanding the knowledge base of consumers, whilst creating curiosity and making an impression.
Lumera contains vast amounts of high-quality data that can be analyzed via different mechanisms like our reporting tool, by exporting data to an external Data Warehouse, or by using cubes connected to the Lumera Data Mart. However, in many situations, it would also be helpful to the administrator, the fund manager, or the technical super user, to have an overview of relevant data visualized directly in Lumera.
To allow our users to work in a more data-driven fashion, a new Lumera dashboard concept has been developed and will be released for initial testing in the first quarter of 2023. The dashboard provides an overview of key data and quick access to relevant sections in the system related to the data. The dashboard consists of several widgets that can be dragged and dropped into a suitable place. These widgets show either production data or trends over time based on data from the Lumera Data Mart. Our ambition is to increase usability and customers have so far been very positive about the new concept.