Give Insurance Risk Management the Analytics Edge

Insurance Risk Management Analytics

DecisionMinesTM: A Data-driven Solution for Insurance Risk Management

The advent of digital technology in the insurance industry is changing the way in which traditional insurance companies are engaging with their customers. The competition has intensified as new-age companies leverage technologies like machine learning to gain an edge over their traditional counterparts. Moreover, data saturation and a dynamic regulatory framework mean that opportunities in the financial risk management ecosystem can be fleeting. To stay in the game, insurers will need to plug in to both their internal reserves and the ecosystem, and harness the power of data in their day-to-day decision making. DecisionMinesTM is a solution that leverages both predictive analytics and prescriptive analytics—the former helps decision makers preempt threats and opportunities, and the latter prompts them to take smart actions.

Revenue

Revenue

Margin pressure
and loss of
market share

Adaptability

Adaptability

Rising customer demands
and insurers’ reliance on
commonly adopted trends

Disruption

Disruption

Ongoing disruption
in FinTech
is a big threat

Pain Point
 
Solutions
 
KPI
 

Prescriptive Risk Management Solutions

Steve Mark-CRO
Steve Mark
| CRO
Decides whether applicants should be provided with insurance; continuously monitors the business for risk management.
   Revenue per Policy Holder | Loss Ratio | Claim Ratio
Q
I want to predict the next big claim.

Claim Prediction

Predict the probability of claims arising from a specific section based on past performance data.
Q
I don’t know the threshold below which I should not sell policies.

Policy Pricing

Prescribe the right price for a policy based on multiple data points and usage of machine learning.
Q
I want to settle claims faster.
Jane Marty-Claims
Jane Marty
| Claims
Deals with insurance-related paperwork; works with customers for their claims regarding personal losses.
    Average Cost per Claim | Average Time per Claim

Cost Optimization

Optimize the claim cost through prescriptive actions on the earliest signs of issues.
Q
This process is too complex; the company is bleeding money!

Training Effectiveness

Ensure that the right mix of Training is proposed to the workforce for better productivity.
Ben Park-Sales
Ben Park
| Sales
Pursues customers for selling insurance products. Addresses customers' queries about their insurance policies.
   Sales Target | Strike Rate
Q
Which client do I meet first and for how long?

Prospect Tracking

Assign priorities to prospects in terms of time and focus by leveraging past conversions.
Q
Which agent is suitable for which customer?

Policy Selection

Prescribe the right policy to the right customer based on the past performance of sales and satisfaction.

Get in touch

and find out how we can help!