Imagine you could predict the future? Maybe you’d want to look at how to streamline online experiences to benefit your future customers or look at which customers might be at risk of leaving. Integrating predictive analytics has quickly become a leading initiative in an insurer’s gameplan.
Predictive analytics is the application of data science and machine learning algorithms on historical and current data to identify patterns and create predictive models. Many types of data are viable for this type of analytics, primarily databases and/or flat files.
Insights gained from data-based predictions can influence behavior and provide a framework for businesses to make powerful changes. They can also help users learn how to tell a story with data.
A closer look at claims
Flag fraud, subrogation, and settlement claims that need closer inspection and priority handling.
Stay ahead of competition
Analyze current claims and customer trends to make better informed decisions to increase sales and reduce expenses.
Reduce the noise of ineffective data
Insurers have an abundance of Big Data that influence underwriting, rating, pricing, and claims. Put your data in context to gain valuable insights.
Identify and target potential markets
Data can reveal behavior patterns and common demographics and characteristics, so insurers can target the right markets and identify who is ready to buy.
Prepare for underwriting growth
Streamline the process to improve underwriting accuracy and efficiency during times of increasing development.
Retain existing customers
Improve customer care and identify customers at risk of cancellation. Remain close to your customers and find out what they need.
Whether you’re ready to move faster, reduce costs, or increase sales, our advanced analytics teams can help.
We have extensive experience developing data solutions to unlock opportunities and uncover answers to your toughest questions.