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Insurance Predictive Analytics

Creating a compelling data and analytics strategy is at the core of every successful insurance company. For a long time, business intelligence derived from historical data has always been behind the scenes, and predominantly used to actuaries and risk managers to develop new products or understand overall exposures in the book. Only recently, the advancement of data strategy and supporting technology has allowed a few metrics to finally be leveraged at the front-end, to provide underwriters and claim adjusters with important metrics to improve decision making.

Despite the progress, widespread adoption of big data analytics has remained more like a promise for the future, with only modest results to show for really. The insurance world is changing and changing swiftly, with increased competition, depleting margins, expectations of the “connected” customer, and new kinds of risk exposures requiring innovative products and pricing models. Data and intelligence derived from it is now critical if not fundamental in doing business in today’s world.

At Prime, we make it our business to help you in your endeavor in making smarter business decisions across the insurance lifecycle. We specialize in understanding the situation you are trying to address, identify and refine the data elements would come into play to develop a predictive or prescriptive model, and develop sophisticated machine learning-based algorithms and full solutions that deliver new insights from your data. We excel in creating machine learning based predictive analytics for the insurance industry to reduce TCO, accelerate on growth factors and thereby, gain a competitive edge. Our solutions include:

  • Identifying fraudulent claims
  • Segmenting & identifying probable candidates for action
  • Score claims
  • Eliminating human errors in underwriting
  • Automate manual processes

Talk to us at Prime, if you are looking for a partner that understands insurance data and can help you develop new analytical models and indicators that can help transform your business. Also, ask about our Telematics product to collect important data on driving behaviors of your personal or commercial auto policyholders.