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5 Reasons Why Big Data Is The Smart Way Ahead For Insurance Distribution

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The ever-changing challenges that the insurance industry faces, has made it imperative for insurers to leverage the powers of data and analytics. The valuable insights derived from analyzing data propel insurance companies to find a solution to business problems. Analyzing structured data related to policyholders, and unstructured data from different sources, including social media, aid insurers to analyze the risks involved in insuring an individual who has opted for an insurance policy. This is also necessary for deciding the premium to be charged.

In addition, Big Data and analytics have also profoundly affected customer insights, claims management, and risk management. Here are five ways Big Data has transformed the insurance industry:

1. Standing out in the crowd – The competition prevalent in the insurance industry makes it important for every insurance company to define and prove its efficiency over its competitors. This can be ensured offering their products at a lesser price, without compromising on impeccable customer-service. Big Data and analytics help insurers to simplify the business processes, and meet changing regulatory requirements.

2. Streamlining business processes – Big Data helps the insurers offer policy recommendations that not only suit the interest of customers, but also serve the best interests of the company. This is possible only through data analysis.

3. Get valuable insights on customers – As customer needs and preferences frequently change, it poses a constant challenge for insurance companies to keep a track of it constantly. Big Data aids insurers in understanding and predicting customer behavior, effective in customer acquisition and retention. This makes it possible for insurance companies to develop products to suit the ever-changing tastes of their customers and ensure smart insurance distribution.

4. Managing claims to identify fraud – The insurance industry often incurs heavy losses due to fraudulent practises, with almost $80 billion being the estimated figure for fraudulent claims. Predictive analytics helps insurance companies address the rise in such claims, analyze data from internal sources, and identify applicants with a greater propensity to resort to fraudulent practises. They can also use data mining to keep a tab on digital channels through social listening to detect fraudulent behavior.

5. Managing risk – Big Data and analytics help insurers in formulating policies, especially policies for natural catastrophes, keeping in mind policy conditions, historical data, and such other technical data. The process of insurance distribution becomes comparatively streamlined when insurance companies are able to decide on a catastrophe policy on the basis of accurate Big Data like the residential address, and other important factors, rather than merely the city or state. Big Data solutions can automatically update their pricing models for efficient insurance distribution.

The above factors perfectly highlight how Big Data and analytics serve as the root of insurance companies being balanced and its ability to keep up with the changing times.

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How to Identify a Plumber

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Think about the last time you bought a car. You may not have consulted the Yellow Pages or a dealer has been selected at random, or you bought your car in the first place he visited. However, many times, this is the scenario that describes how you are looking for plumbing services; people read the phone book and called the plumber who has posted the biggest announcement or the first of the list. However, like buying a car, to search for a qualified plumber should find out and compare to ensure you get the best price backed by a competent and quality service.

The first thing to do to find a good plumber is to ask for recommendations from family or friends about professionals they’ve ever hired. Other good resources are the contractors, realtors and the local store plumbing supplies. The city government even can recommend a list of plumbers who are familiar with your area codes.

Plumbing Services says it is very important to remember that there are two different types of plumbers, who make repairs and those that specialize in new construction and remodeling. To make repairs plumbers to call when the sink is blocked, when leaks in faucets or in emergency situations. The second type of plumber works on larger projects, such as the replacement of a faulty pipe throughout the house or in the installation of additional pipelines.

When requesting references, be sure to ask what kind of work was hired plumber. Also, find out if the plumber specializes in residential and commercial work.

What should be taken into account in a qualified plumber?

There are several qualifications that can differentiate a professional plumber do the rest.

* Certification or state license – Many states require a license or state certification to work in that state. Call to verify that the license is current and see if there are complaints against that license.

* Insurance – Make sure the plumber you are considering being uninsured, having insurance against industrial accidents compensation and liability insurance. The plumber that you choose should provide a copy of your insurance policy.

* Better Business Bureau – Contact the local Better Business Bureau to see if complaints have been filed against your potential candidate. Compare prices, but remember that the cheapest price that does not necessarily offer the best job. It is possible that a qualified and experienced plumber charged more for the job, but ultimately can save you money if you do a good job with the best materials and you will get the plumbing services.

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The 7 Secrets to Successful Skip Hire

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Our research suggests that there are over 17 million skips hired in the UK every year for domestic use alone! That’s a lot of skips and if you’ve ever looked in Yellow Pages you’ll see that there are a lot of skip companies out there to choose from with no real way of knowing what kind of service you’re going to get before it turns up!

If, like us, you’ve ever hired a skip, chances are you will have had a good experience with a professional, licensed waste collector with no hassles or grief.

Unfortunately, this is not always the case. If you called more than one company before you actually hired a skip you may have found that some of them:

– won’t quote prices over the phone

– won’t tell you what time it will be dropped off, or picked up

– will only accept cash payments to the driver

You might have even had a bad experience where the driver has refused to take away your skip without throwing some of the rubbish back in your garden, demanded more money before taking it away, damaged your property by bad handling of their wagon and the skip…

This guide is for you: It answers all the most common questions associated with skip hire so that you know exactly what you’re getting into when you hire a skip and understand the whys and wherefores involved in skip hire so you never have a bad experience…EVER!

1. How can I tell which skip companies in the Yellow Pages are the good ones?

Unless you personally know the company, you can’t. Any fool with a wagon and a skip can get an advert designed and printed to entice you to call them, but mainly it’s a lottery not just in terms of prices and service, but also in terms of what actually happens to your waste – something that depressingly few of us actually think, or even care about.

Skip companies are not actually regulated at the time of writing. The good ones operate their own licensed waste transfer stations (regulated by the Environment Agency) and are members of the Institute of Wastes Management (a professional body that promotes education and raising standards in waste management).

The bad ones are just cowboys that often fly-tip your waste and therefore add to your council tax bill – cos the council are the ones who have to clean it up! (Flytipping is now costing local councils over £2.5 million a year! That’s our tax money!)

Did you know? “Every 35 seconds, somebody, somewhere is fly-tipping in the UK”

2. Why do skips cost so much money?

No-one is pretending skip hire is cheap, but think about the overheads involved:

Skip Wagon £35,000+

Skips £500/each for standard builderskip

Vehicle Insurance £2000/year per vehicle

Public Liability £1250/year per vehicle

Employer’s Liability £1250/year per vehicle

Skip Wagon driver £25,000/year

Fuel £20,000/year

Office staff £18,000/year per member of staff

Landfill taxes £18/ton increasing by £3 every year until 2010 where it will stand at £35/ton

Recycling costs Cost of buying shredders, trommels, weighbridges, picking stations etc – £millions

Soon adds up doesn’t it? Getting rid of waste is not a cheap business, but it has to go somewhere!

3. Why isn’t my skip dropped off and picked up when I ask for it?

This isn’t always the skip company’s fault – too many people don’t understand that hiring a skip is not like calling a taxi. Just think about what goes into the average skip lorry driver’s day – it’s heavy haulage we’re talking about here, and lots of things can go wrong on a pick-up or drop off that will slow down the whole day’s schedule, such as a customer putting toxic waste in a skip, overfilling it, or the driver being given incorrect drop off details by a customer.

We publish a national trade magazine for the industry called “The Skip” (www.theskip.net) and through this we are pushing for more skip companies to incorporate new technology like Vehicle Tracking to improve delivery schedules and take-up of this kind of improvement is increasing all the time.

In the meantime, you should be patient waiting for your skip because it’s rarely a case of deliberately bad customer service.

4. Why won’t they take the skip away if the rubbish is just over the fill line?

It’s not the skip driver being unreasonable – it’s the law! They are legally bound to not carry unsafe loads and unfortunately many people order smaller skips than they need in order to save a few quid. Our advice – order a larger skip than you think you need because you will always fill it – just don’t go over the line!

5. What actually happens to my rubbish when they take it away?

If you’re not asking this question, you should be. Landfill space in the UK is running out fast. It is estimated that by 2010 there will be virtually no landfill space left in Britain and the government is increasing the landfill taxes that waste management companies have to pay every year. The best skip companies are investing heavily into new plant and technology to the point that many of them are recycling over 90%! Using these companies will eventually reduce prices and massively increase recycling rates – something we should all be interested in.

The bottom line is – the cheaper the skip, the less likely it is that the waste is being responsibly managed.

6. Why won’t my local skip company take a credit card or even tell me prices over the phone?

This is mainly a historical thing. Most skip hire companies have evolved over the past 25 years from construction and demolition companies, and the traditional way they do business is either by issuing invoices or cash-in-hand! Also, a lot of companies still charge for waste disposal by the tonne and won’t always quote an exact price because they don’t know exactly how much it’s going to cost them to get rid of until it comes in.

7. Why do I get quoted so many different prices for the same service from different companies?

The answer’s in the question – you don’t get the same service from different companies! You get different levels of service from different companies. Most of the time, you get what you pay for. After you’ve had a bad experience, you’ll wonder whether it really was worth saving £20 by going with the cheapest you could find.

Plus there are other factors such as skip permit prices. All skip companies are supposed to tell you that you need a permit if the skip is to be on a public highway. These permits are provided by the local council – sometimes the company by law has to sort it out for you, sometimes you’ll have to go direct to the council yourself.

The variances in skip permit price across the UK are staggering – some council’s charge nothing and issue them the same day, some charge £70 and make you wait weeks before issuing.

In the end…

It’s up to you. You now know pretty much everything necessary to make an informed choice about which skip hire company to use.

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Car Insurance For Young Driver – A Way To Acquire It

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Quite frankly teenage and young adult car drivers are costly to cover. They are usually caught up in more accidents and are less careful on the road than more knowledgeable drivers. However, there are ways to decrease your insurance policy expenditure and get cheapest car insurance for young drivers, keep in mind they may not be straightforward. Many young car owners never imagine what difficulties there is likely to be related to getting insurance cover for their first auto. Dad and mum know that auto insurance for young driver costs a lot, however there may be always a solution to find more cost effective vehicle cover. Among the best methods of obtaining more affordable cover is to shop around, the world wide web is the ideal place to start.

Frequently because of the very high price of car insurance, young drivers now and again do not acquire car insurance, which can prove to be a extremely high priced oversight. It is also true that those inexperienced car owners take out much more pricey policies than they need to. There has to be a equilibrium to finding the cheapest car insurance for young drivers. By carefully setting up their car insurance young drivers can considerably cut their car insurance cover costs. Looking around can collect great benefits as insurance expenditure fluctuate madly from insurer to insurer. Just a few effortless steps could easily reduce premiums and ensure that young car owners have the all necessary cover they need.

One thing I’d say, and this is at the chance of sounding a bit nutty or insane, don’t buy your vehicle and afterward take a look at insurance cover. You’d be clever to take a look at the insurance cover for the type of automobile you want. If you fancy a gasoline guzzling beast, or a sporty, racy vehicle, then you might discover the insurance cover premiums on such autos to be too expensive. You could wish to downsize the type of ‘wheels’ you want, compromise a little. There may be totally no point in getting a brilliant car just to have it sitting within the garage or drive you can’t have out on the open road because of the fact you’ll not be able to afford to cover it, now that’s utter madness. Sure it could seem a bit silly to take a look at insurance when you don’t even have a car thus far, but to get the cheapest car insurance for young drivers you’ll want to have an inkling of what the insurance cover cost is for certain vehicles.

Now you’ve got your car, there are some things you are able to do that can make an insurance company look more favourably on your premiums. Any security gadgets fitted to the auto such as an alarm or an immobiliser will get you an immediate concession on your premium. Better still for those who have a garage you possibly can store your auto in, that’s more likely to give you the greatest concession on your premium. Insurers need to avoid risk and that’s the reason further safety on a car will give you cheaper cover expenses. So finding the cheapest car insurance for young drivers, is attainable, by simply following a few easy measures. Hunt, search and hunt yet again, examine the quotations you get. Keep your auto safe and secure, and hey presto, less costly car cover.

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