Damco Group

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data analytics in insurance industryDelivering Customized Offerings

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.

data analytics in insurance sector Fraud Prevention

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.

agile insurance analytics

business analytics in insurance

insurance analyticsPremium Pricing

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.

insurance analytics companiesBusiness Transformation

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.

insurance data analyticsSelf-Servicing of Policies

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.

Resources

Claims Process Automation with AI

Insurance Claims Process Automation with an AI-Enabled EcosystemSmarter Claims Management from FNOL to Recovery Watch Now

A Definitive Guide To Insurance CRM Software

A Definitive Guide To Insurance CRM SoftwareDownload

Blogs & Insights

Our Clients

trinre logo
fdic logo
Caribbean Assurance Brokers Limited
mmm logo
sagicor logo
uaic logo
insurance logo

Our Differentiators

insurance software

Dedicated Practice to deliver services and solutions for Insurance businesses.

insurance agency software

1100+ person-years of experience in delivering Insurance technology services.

insurance software solutions

100+ Insurance projects delivered globally, 60+ Insurance Customers.

insurance management software

30+ installations of InsureEdge – a complete technology platform.

insurance agency management software

Strong experience in multiple lines of business covering Life, Health & General Insurance.

independent insurance agency software

Strong technology expertise in Microsoft, Open Source, Oracle, Salesforce, IBM, Cloud & Mobility.

insurance software

Capabilities in cutting-edge technologies – IoT, AI, Machine Learning.

insurance software companies

Global Presence with resource availability in USA, UK, Luxembourg, Australia & Caribbean islands.

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