Business analytics in insurance can help Insurers & brokers build customer loyalty by predicting customized plans suited to each individual customer. Intelligent insurance management platforms allow agents to utilize technology, which offers them actionable insights based on previous insured customer data.
As one of the leading insurance analytics companies, we offer intelligent management platforms empowered with smart dashboards which allow agents to get a 360-degree overview of each customer’s portfolio. These solutions enable insurance companies to predict customer behavior and obtain significant insights, which allow them to develop and optimize personalized policies, resulting in improved customer satisfaction.
Insurance data analytics can provide actionable intelligence to predict potential customers who are most likely to commit insurance fraud before the event occurs. Using predictive models and smarter business rules, fraud detection solutions can hasten the detection of fraudulent activities and patterns.
Our Fraud Analytics algorithm determines the existence of fraud potential in a claim early in its lifecycle and enables straight-through processing of insurance claims. It utilizes business rules, processes, analytics, and case management unified in a single algorithm to predict fraudulent claims with accuracy.
To stay ahead in the competitive insurance market, businesses have to extract actionable insights from data through predictive modeling to track individual policyholder behavior and fix policy prices. Such predictive modeling engines must be able to proactively identify and qualify sales opportunities. We can help Insurance companies extract actionable insights from data in real-time to track policyholder behavior and price policies accordingly. Equipped with this information, agencies can approach the right customers at the right time with the right pricing.
We can help create big data solutions allowing for catastrophe risk modeling, which enables the organization to predict the maximum potential loss that a catastrophic event will bring. Using big data and insurance business analytics solutions, insurance companies are able to model policies by integrating historical data, policy conditions, exposure data, and reinsurance information. When it comes to insurance underwriting, analytics can be used to improve risk scoring, prevent fraudulent claims, check premium pricing, and offer relevant products to customers.
Other business functions that can be transformed through data analytics in insurance industry are Actuaries and Treasury department for cash forecasting and unique investment modeling.
Retention rates may increase even more as brokers and agents hand more control over policy management to the policyholders. This is because brokers can automatically track how much insurance is in-force on a policyholder, and how much premium is being collected per policy and per customer.
Through advanced insurance business analytics, we can help brokers and agents automate the process of making smart recommendations to customers right at the moment they are buying a new policy or making changes to an existing one.
Dedicated Practice to deliver services and solutions for Insurance businesses.
1100+ person-years of experience in delivering Insurance technology services.
100+ Insurance projects delivered globally, 60+ Insurance Customers.
30+ installations of InsureEdge – a complete technology platform.
Strong experience in multiple lines of business covering Life, Health & General Insurance.
Strong technology expertise in Microsoft, Open Source, Oracle, Salesforce, IBM, Cloud & Mobility.
Capabilities in cutting-edge technologies – IoT, AI, Machine Learning.
Global Presence with resource availability in USA, UK, Luxembourg, Australia & Caribbean islands.