With Big Data management techniques, companies can optimize their strategic business planning, by taking advantage of market and companies' data.
Big data has emerged as a powerful tool that organizations can use to leverage data-driven decision making for better strategic planning, determine which market niches of their products, are growing or shrinking, obtain traffic data of their stores or website, determining where they come from, what kind of devices they use, dwell time, and foot traffic patterns to help analyze which promotions and efforts are successfully driving their business.
Location intelligence and POI characterization through Big Data are increasingly being used to make business decisions in the retail, real estate, logistics, and port sectors, among others.
Foot traffic data consists of spatial data (GIS), and is at the core of building intelligent strategies, transportation routes, processes and decision making in both public and private sectors.
What is it?
Foot traffic data associates people's movements with physical locations, and can be collected in different ways, such as WiFi signals, GPS from mobile devices and sensors, providing useful information for sectors like retail, real estate, agriculture, financial services, insurance, tourism, sports, entertainment, among others.
In Costa Rica, only the state insurer and Oceánica de Seguros presented proposals for the tender of the Social Security Fund's all-risk insurance service, estimated at more than $2 billion.
Taking part in the process to award a contract for a policy to protect all of the buildings, machinery, equipment, furniture, merchandise and even the collection of works of art and books and magazines owned by the Social Security department, were the National Insurance Institute (Instituto Nacional de Seguros or INS) and Oceánica de Seguros.
Income from insurance premiums grew by 16% compared to the same month in 2015, reaching $1.021 billion, in a market with great growth potential.
From the Monthly Bulletin by the Superintendent of Insurance:
Compulsory insurance tending become more stable.The SOA, as explained in previous bulletins, showed a sharp increase in December 2015 to January 2016 (<236 100 000 000) due to a change in the accounting records, but in the rest of the year its growth every month has been close to the average, which maintained very high annual growth, but is tending to become more moderate.
Income from voluntary insurance premiums grew by 18% in relation to June 2015, reaching $490 million.
From a monthly report by the Superintendent of Insurance:
The evolution of compulsory insurance in respect to previous months is: 32% growth that corresponds to an increase of ¢38.6 billion colones in SOA, concentrated in January of this period as a result of a change in the accounting methodology, specifically, for the SOA period, premiums that were previously registered in December of each year were recorded in January 2016 of this year.RT premiums decreased by ¢15.6 billion colones.
Following the ending of the contract with the company Exact Change, which offers the service of exchanging currency, Aeris Holding Costa Rica has started procedures for selecting a new provider.
The company managing Juan Santamaria International Airport announced the end of the contract with the Spanish exchange services provider Exact Change, due to the fact that it has not completed the process of registering with the Central Bank of Costa Rica and the Superintendent of Financial Institutions. Therefore preparations are being made, for the coming months, to release specifications for a new tender for the service.
Premiums for personal policies led growth in 2014 compared to the previous year, followed by general and mandatory policies.
From a statement issued by the Superintendent of Insurance in Costa Rica (SUG):
Voluntary insurance represent 69% of total premium revenue, showing an increasing trend across the board. Total premium income, including compulsory policies, was $1.1674 billion.
The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.
In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.
Fitch Ratings expects moderate growth in premiums in Costa Rica, increased interest in personal insurance in Guatemala, and stable performance in Nicaragua and Honduras.
From the report "Outlook 2015: Central American Insurance Sector":
Costa Rica:
Moderate growth in premiums
Since the Costa Rican insurance industry opened up to private competition in 2008, the market has experienced rapid and consistent growth in premiums.
In Costa Rica insurance companies are seeking to increase sales of policies to SMEs and take advantage of a hitherto untapped market.
Small and medium enterprises (SMEs) represent 77% of businesses in the country, and therefore insurers are seeking to enter this market niche which has not been fully exploited. There are currently 5 companies that have focused on this market segment, but it is expected in 2015 one more will be added offering health insurance, and life insurance and workplace accident policies, among others.
Insurers are limited to selling insurance policies and are not allowed to sell commercial bonds.
After the Insurance Superintendence requested clarification on whether or not insurers were authorized to sell bonds, the Attorney General's Office concluded that "... insurance companies should be limited to its insurance business, therefore they are not allowed to sell commercial bonds. "
Insurers have started to issue these policies which compete with bank share and performance guarantees.
The National Insurance Institute (INS) and Oceánica Seguros are the two companies which have been offering such policies since this year. Meanwhile, the company ASSA will start to offer them in in 2015 and Mapre is still adjusting its offers with a view to supplying them in the future.
Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.
According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.
Technisys is the omnichannel digital banking company. It offers technology solutions that allow banks to stand out through their customer experience, increase their sales and dramatically reduce their time-to-market when it comes to launching new financial services. Technisys culture lies on its innovation, its human capital talent and its vision of the future. The digital age represents an unprecedented growth opportunity for the financial service providers, and Technisys helps its customers to differentiate and capitalize it.
Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2256 7168