Insurance
Data analytics creates new possibilities that can empower insurers to optimize every function in the insurance value chain with the help of data-driven decision making.
AI in insurance utilizes behaviour-based analytics and credit scores to determine which of the customers are bound to pay their bills on time.
It can also detect fraudulent activities and hence using data for determining the right and trustworthy customers is shaping the digital transformation of insurance companies.
Big Data makes the insurance industry perfect for data analytics to construct basic patterns, get fundamental insights about the insurance business and manage the complex relations between agents and clients.
The top use cases where data analytics can help insurers are
- To develop an enhanced customer experience
- Design products based on customer behaviour
- To improve Risk Management Strategy
- Minimize the risk of insurance fraud
Models based on comparing cost Vs risk can help customers in selecting the right insurer
Build robust pricing models using the predicted developed loss for each claim
Automatic predictive model to determine the final value of the claim amount
AI in Insurance
Insurance companies who invest in big data analytics have seen 30% more efficiency, 40-70% cost savings thus benefiting both the customer and the insurer.
Take the next step
Our data experts run a series of consultations with your organisation to help understand your existing data processes and requirements. They translate the task into a concrete problem, figure out which data analysis services will be best suited to solve your problem and then form a comprehensive strategy to give a perfect solution to the task at hand.