Global Data Insights & Analytics Company - SG Analytics Global

  Published on May 04, 2023       With the insurance value chain becoming more connected, insurers are able to gain a better understanding of consumer persona as well as gain a competitive advantage in the market. A recent Gartner report found that enhancing the customer experience and operational excellence is the new driving force for a majority of insurance digitalization initiatives in 2023. Data enables carriers to collaborate with their customers and generate real-time feedback for value-added business solutions.  To effectively execute business strategies, insurers are taking actionable data insights into consideration. And the answer lies in maturing analytics and getting actionable insight faster and more accurately. Let's explore the ways data analytics will positively shape the  insurance industry in 2023 .   Introduction to Data Analytics in Insurance   The technological landscape changes across industries are also impacting ...

  A trust architecture includes technologies and methods that aim to protect enterprise data, while speeding up digital transformation initiatives and complying with all data privacy-related laws. The increasing prevalence of connected or the internet of things (IoT) devices and companies’ migration to the cloud is pushing organizations to re-assess and validate the credibility of their devices, as data expands rapidly across applications, application programming interfaces (APIs), and networks. In addition, the growth of applied AI, 5G, and the metaverse is expected to further accelerate this trend. Cyberattacks and data thefts have been on the rise in recent years and are posing new challenges by taking advantage of technologies, such as quantum computing for breaking encryptions. According to IBM’s Cost of a Data Breach Report 2022, the global average total cost of a data incident is USD43.5mn, up 2.6% from USD4.24mn in 2021. The research also revealed that 83% of the organizati...

  A significant trend, data analytics, has been garnering the limelight for a while. It is emerging as an important tool in intelligent decision-making and reporting. Organizations are employing data analytics to discover new insights and make better decisions, as well as to gain a competitive advantage. Businesses are implementing new operations in their journey of data analytics in finance. They are employing the assembled data by using big data technologies to enhance their performance metrics across different departments like sales, finance, customer service, marketing, etc.  Finding the Needle in the Data Haystack   One of the most vital aspects of data analytics implementation is recognizing valuable insights from data. With so much information to filter through, it is important for businesses to appoint a partner that can help them find the needle in the data haystack.  But implementing  data analytics  is no easy task. Data analysts should be h...

  Predicted to be the busiest shopping day, Black Friday attracts several shopping visits for the holiday season in the U.S. Black Friday is positively the biggest shopping day of the year. There is a ritual of shopping on Black Friday, making it an occasion as much as a day to buy something.  Shopping visits to a retail store year-to-date for 2022 are expected to be flat compared to last year for the same period. However, in the years leading to the pandemic, foot traffic to retail stores was trending down about 5%. Taking this into consideration, 2022 being flat can be considered a positive sign.  Considering the fuel prices in 2022, many retailers are reporting that customers are making fewer trips to the stores and bundling purchases to spend more money per trip. While inflationary pricing may not have significantly impacted consumer spending, the total retail sales went up 9.9% in August 2022.  The steady organic improvement in shopper visits indicates that infl...