Claim severity has a huge impact on the growth of insurance companies. With advance technologies, Insurance companies can now alert their customers on impending calamities. With an Early Warning System (EWS), huge losses can be averted. New insights from location based data mining can help underwriters better analyze risks.

ITC Infotech offers early warning system (EWS) and advanced statistics in insurance on floods and crime data.

Business Challenges

The prime need of insurance companies is to avert risk in order to enhance profitability. The industry is looking at leveraging technology that can help track natural calamities such as floods or map location based crime data – sending out proactive alerts to their vulnerable customers about the impending danger or its probability.

Insurance providers also need access to more accurate insurance underwritings.

Solution Overview

  • Creation of Early Warning System (EWS)
  • Information on floods and crime from authorized sources
  • KPI based on location and claim history
  • Analytics based on advanced statistical modelling and sophisticated algorithms
  • Enabling informed underwriting decisions by integrating external crime data with the internal data sources
  • Proactive customer-centric Risk Management practices, such as upgraded anti-theft systems

Results

  • Faster time to market – Insurers can procure, customize and go-live faster, reducing the time to market. The basic version of the solution can be implemented in 1 week, with another week for exhaustive testing stabilization (assuming internal data and environment readiness for EWS templates)
  • Lowered risk of claim severity – Prior notification to customers during floods, with consolidated information of various insurance facades and the risks involved in crime prone locations can help in saving claim severity.
  • Safer insurance underwriting –Historical data can help insurers come up with safer underwritings
  • Competitive pricing – With advanced statistics, insurers can offer competitive price points to potential customers, without running high risks of claim severity in the future.

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