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Analytics in the Insurance Industry

Predictive analytics can help insurance industry players to streamline claims processing, customer service, and product development and meet every other disruption with confidence and poise.

 

The Pandemic Caused Disruption

The insurance industry is among the most affected during the pandemic– many who have not embraced predictive analytics find themselves struggling to compete.

We Have a Solution:

Watson Predictive Analytics

 

Watson tools are efficient and tailored to address different challenges, unlike many other tools in the market. Watson tools provide integrated analytics that are accessible to different skill sets. In addition, they enable collaboration between the data experts and business resulting in a data driven and analytics focused organization. Watson tools maximize all the advantages of data science and AI technology.

Watson tools are being used in the Insurance industry to process claims faster, analyze risk using structured and unstructured data, and optimize decision making.

Learn more about Predictive Analytics for the Insurance industry in 2020.

Two of the Watson tools that are being used in the insurance industry are:


Further Benefits of Watson Tools

 

Identifying Policyholders at Risk of Cancellation
  • Identify customers likely to lower coverage or cancel policies
  • Identify customers unhappy with their policy/coverage for
    personalized attention
  • Act proactively to remedy any customer queries/issues
Identifying Fraud Risk
  • Identify and prevent potential fraud before it happens
  • Retroactively pursue corrective measures for fraud that happened

 

Understanding Outlier Claims
  • Identify claims that caused high losses and why
  • Use lessons from earlier outlier claims to anticipate circumstances leading to outlier claims
Streamlining Claims Processes
  • Use data to determine the factors affecting claim outcomes for streamlining
  • Analyze claims processes using historical data to improve efficiency and efficacy
Uncovering New Markets
  • Identifying industry trends to stay ahead of competitors
  • Creating new products, streamlining processes, and applying new technology ahead of the curve
  • Discover common demographics and behavior patterns to inform marketing efforts or product personalization
  • Informing lead generation and nurturing

Real Clients
Real Solutions


Learn how LPA transformed data into insights and increased operational efficiency for Insurance clients.

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