Drawing on our deep insurance experience, we work with insurers to find opportunities that deliver profitable growth while protecting and optimizing their enterprise. Rapid integration of technology has created a proliferation of data, presenting unprecedented opportunities to use advanced analytics to leverage new information – about potential markets, risks, customers, competitors and natural disasters.
Insurance companies by virtue of their business collect huge amount of data, to turn insurance data into valuable business insights, giant insurance companies and brokers are upgrading their systems to take the advantage of data analytics and deploy it to its fullest potential. Leveraging insurance data is poised to play a larger and more important role in every aspect of the business. Infusing advanced analytics capability into an insurer’s system helps to identify new growth opportunities while at the same time create better customer servicing environment.
Analytics can help Insurers to extend their insights beyond the strictly transactional data and aggregate them with the unstructured big data including customers geographical locations, their professions, their health and ailments, life milestones like marriage, kids etc. to be able to retain them beyond the policy terms by offering more relevant plans.
Data analytics algorithms 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.
We offer intelligent management platforms empowered with smart dashboards which allows 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 provides actionable intelligence to predict potential customers who are most likely to commit insurance fraud before the event occurrence. 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 in the competitive insurance market, businesses have to device actionable insights from data through predictive modelling to track individual policyholder behavior and fix policy prices. We can help Insurance companies to extract actionable insights from data to track policyholder behavior and price policies accordingly.
We can help Insurance companies to extract actionable insights from Data Analytics to track individual policyholder behavior and price policies accordingly.
We can help create big data solutions allowing for catastrophe risk modelling, which allows the organization to predict the maximum potential loss that a catastrophic event will bring. Using big data and analytics solutions insurance companies are able to model policies by integrating historical data, policy conditions, exposure data and reinsurance information. This allows underwriters to improve risk scoring, prevent fraudulent claim, check premium pricing and offer relevant products to customers.
Other business functions who can achieve transformation on data analytics are Actuaries and Treasury department for cash forecasting and unique investment modeling.
Retention rates may even increase as brokers and agents hand more control over policy management to the policyholders. 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 Data 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 on 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.