Analytics for Insurance
Your ChallengesIn a competitive, connected, and always-on consumer environment, insurers must deepen their customer insights not only to better understand customer profitability and risk but also to deliver more diverse, instant, and meaningful services to policyholders. In addition to optimizing the customer experience, insurers must also streamline producer operations and prevent insurance claims fraud.
Our SolutionsData and analytics are changing the dynamics of engagement with intermediaries and policyholders. These capabilities provide a more complete view of each customer, allowing you to provide in-context offers and customized customer service support to improve customer satisfaction. These capabilities also help you to streamline operations, predict and manage risk, maintain compliance and manage producer credentials, improve claims processes, and address fraud.
Create a customer-focused enterprise
Our behaviour-based customer insight solutions help you to optimize each interaction with policyholders using insight from internal and external data. Our content analytics solutions also help you to bridge social media and the claims process, so you can use digital engagement to boost customer satisfaction.
- Fine-tune customer segmentation for personalized offers and engagement.
- Improve key retention metrics.
- Enable each channel with retention actions customized for each policyholder.
- Identify “at-risk” customers proactively and sooner.
- Know which customers might be considering a change in insurers.
Boost catastrophe insight and response
Our solutions help you to optimize risk by using data and analytics to handle the volume, velocity and variety of data available today.
- Alert policyholders of events and catastrophes to improve response planning.
- Mitigate or prevent losses and proactively alert policyholders of events.
- Predict losses and their severity while enabling insight into appropriate response planning.
- Help policyholders prepare for and recover from a catastrophic event using social media and customer sentiments in disaster response.
Make decisions that are aligned with your risk appetite
Our risk scenario analytics combines scenarios, simulations, calculations and financial risk models with reporting to provide accurate and reliable analysis on the company risk exposure level.
- Benefit from effective firm-wide risk identification and analysis.
- Consistently apply independent and rigorous valuation practices throughout the firm.
- Effectively manage funding liquidity, capital, and the balance sheet.
Automate and streamline operations
Streamline and automate core operations and processes associated with producer and agency administration.
- Automate and streamline administration, from onboarding new agents to validating credentials and relationship termination.
- Empower IT and operations managers to articulate technology cost drivers and provide visibility into their operations so they can work with business managers as partners to plan, predict and forecast consumption of assets and related costs.
Improve profitability analysis
Our solutions combine best practices, tools, and automation to help you improve profitability analysis.
- Assess the right profitability measures that optimize business performance.
- Move from a costing-oriented profitability reporting exercise to a forward-looking profitability modeling paradigm.
- Undertake profitability analysis for different dimensions of profitability; for example, customer, channel, or product.
- Use statistical and advanced analytical techniques to better predict profitability outcomes and work toward optimizing resource inputs.
- Tie profitability analysis to all other enterprise performance management processes, such as planning, consolidation and control, strategy management, score-carding and more.
Our solutions for underwriting apply advanced algorithms to accurately predict the risk of a new policy and renewal quotes, allowing you to price it appropriately to maximize your share of market opportunity while tightly controlling exposure to risk.
Our solutions for claims-related predictive analytics and reporting use advanced algorithms and business intelligence to analyze each case. This in-depth analysis accelerates processing of valid claims, minimizes fraud and unnecessary payments, and improves the customer experience while tightly controlling exposure to risk.
- Improved retention by understanding customer behavior and anticipating customer needs.
- Streamlined, optimized operations.
- Increased premium revenue from policy cross-sell and up-sell.
- Faster response time to advise and prepare customers for catastrophes.
- Reduced costs by avoiding paying fraudulent claims.