Manage Claims and Detect Frauds early

Insurance Companies face increasing regulations coupled with customer churn and slow premium growth. Insurance companies are looking at analytics to enable business and operational users in taking better business decisions. Data and analytics empower them for customer delight, product positioning, omni-channel sales and managing frauds and profitability.

Sales

Sales in Insurance has moved from a single channel model to an omni-channel one with digital sales increasing.

Marketing

Marketing teams of insurance providers have to deal with multiple products catering to different customer segments.

Actuarial and Underwriting

This is the core of insurance industry and where the key strategy decisions of the company get made in terms of the exposure.

Claims

Claims department in an important department in insurance which directly affects profitability.

Finance

Finance department in insurance companies are faced with traditional challenges such as managing cash, working capital, risk management and adhering to regulatory compliance and ensuring governance.

Sales

Sales in Insurance has moved from a single channel model to an omni-channel one with digital sales increasing. The indirect channel of agents and partners is helping insurance providers with wider reach. The multiple systems make integration and analysis of data extremely cumbersome. This often leads to missed opportunities of cross-sell and up-sell.   Extending analytics to agents and partners is imperative.

We offer expertise right from raw data fetching to data collation till providing cutting edge insights helping insurance companies  analyse and perform

       Sales & Revenue Analysis across various cuts

       Customer Segmentation and Targeting

       Broker /Agency Analysis

       Sales Performance Analysis

       Online and offline Channel Performance

Marketing

Marketing teams of insurance providers have to deal with multiple products catering to different customer segments. The market for attention has become very competitive with entry of several private players. Customers retention with limited budget is a priority. The dependencies on data scientists for statistical model and longer turn-around time can be a challenge for customer churn.

We can provide automated AI/ML to empower Business analysts with predictive insights to manage customer churn, target customers with proper segmentation and product mix. Some of the solutions we provide focus on

  • Customer Retention
  • Cross-sell and Up-sell
  • Customer Profitability & Segmentation
  • Product Performance Analysis
  • Marketing Campaign Analysis

Marketing

Marketing teams of insurance providers have to deal with multiple products catering to different customer segments. The market for attention has become very competitive with entry of several private players. Customers retention with limited budget is a priority. The dependencies on data scientists for statistical model and longer turn-around time can be a challenge for customer churn.

We can provide automated AI/ML to empower Business analysts with predictive insights to manage customer churn, target customers with proper segmentation and product mix. Some of the solutions we provide focus on

  • Customer Retention
  • Cross-sell and Up-sell
  • Customer Profitability & Segmentation
  • Product Performance Analysis
  • Marketing Campaign Analysis

Actuarial and Underwriting

This is the core of insurance industry and where the key strategy decisions of the company get made in terms of the exposure. Actuaries and Underwriters have to be constantly on their toes to understand the loss ratio against model. They need to proactively discover risk concentration in portfolio. Constant monitoring of portfolio at a granular level and Predictive analytics plays an important role in ensuring that the book is in line with the risk appetite and expected return of the company.

Our strong expertise in analytics and automated AI/ML for predictive is valuable for insurance companies to run several models in a hassle-free manner and continuously monitor the performance of the models helping risk mitigation on a continuous and ongoing basis. Our solutions help actuaries and underwriters

  • Integrating Underwriting &Claims
  • Loss Ratio Analysis
  • Policy Portfolio Analysis
  • Optimize Approval Process

Claims

Claims department in an important department in insurance which directly affects profitability. Claims department have to ensure that right claims are processed, and fraudulent ones are flagged for due diligence. RPA and Predictive analytics ensure that the set of claims which are valid are promptly processed, fraudulent claims are flagged or rejected and minimal human intervention is needed. Better customer experience, regulatory compliance and at the same time reducing claim processing costs is imperative.

Some of the areas we have been working with Claims departments:

  • Integrating Underwriting & Claims
  • Flagging of potential Fraud
  • Processing and Fast Tracking
  • Reserve Adequacy

Claims

Claims department in an important department in insurance which directly affects profitability. Claims department have to ensure that right claims are processed, and fraudulent ones are flagged for due diligence. RPA and Predictive analytics ensure that the set of claims which are valid are promptly processed, fraudulent claims are flagged or rejected and minimal human intervention is needed. Better customer experience, regulatory compliance and at the same time reducing claim processing costs is imperative.

Some of the areas we have been working with Claims departments:

  • Integrating Underwriting & Claims
  • Flagging of potential Fraud
  • Processing and Fast Tracking
  • Reserve Adequacy

Finance

Finance department in insurance companies are faced with traditional challenges such as managing cash, working capital, risk management and adhering to regulatory compliance and ensuring governance. The large amount of data coming from multiple source systems at times and the pressure to give decisions quickly are key challenges. Finance also depends on statistical models to help them understand risk and get actionable intelligence.

We work with finance teams in insurance sector with innovative solutions to

  • Better manage cash, working capital, and financial risk
  • Streamline planning, budgeting and financial reporting
  • Ensure governance and regulatory compliance
  • Balanced Scorecards
  • Analyze Performance, Margins, Commissions