Sophisticated analytics predicting risks for the insurance industry,

is #Digitaligence at work!

Analytics has transformed the way insurance companies function. Insurers are implementing advanced risk analytical methodologies – to grow market share, improve margins and stay ahead of competition. Actuarial analytics is the future – powering insurers with the ability to leverage disruptive technologies to improve their rates and underwriting.

BUSINESS CHALLENGES

With limited differences in product features, it is difficult to stand out from the competition – especially in a highly regulated and commoditized market. Personalized and contextualized customer experience is becoming a source of competitive advantage. Predictive analytics in Insurance, powered by sophisticated technology, has proved to be a game changer.

As insurance companies are looking to create a personalized experience for their customers and take faster decisions, actuarial analytics becomes pivotal.

SOLUTION OVERVIEW

  • Combining real-time integrated insights from social media with location wise data for agile risk management
  • Better customer insights by leveraging sentiment and text mining analytics
  • KPIs derived by integration of multiple subject areas vis-à-vis premiums, exposure, claims, discounts, loadings, reinsurance, geographical information systems, etc.

RESULTS

  • Actuarial analytics ensure a sustainable profit making model for insurance companies
  • Better customer information helps in creating enhanced customer-centric products
  • Low risk underwritings enable improvement of capital management and reserves
  • Higher adherence to changing regulatory norms

RESOURCES

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#Digitaligence

65%

Cost reduction reported by insurance agents who embraced digital practices

90%

Reduction in turnaround time on key insurance processes by insurers who adopted digital technologies

76%

Of insurers globally are expected to use Big Data for pricing, underwriting and risk selection, by 2018

Put #Digitaligence to work for you. Get in touch with us now!

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