Predictive Analytics can help Insurers manage risk better, with powerful data backed insights.
Insurers partner with ITC Infotech to leverage sophisticated analytics to help create contextualized customer experiences and effectively manage risks.
Business Challenges
In a bid to improve their insurance underwriting, Insurers need access to actionable data driven insights. Precise information on specific customers helps insurers reduce business risks.
Insurance companies need the ability to analyze behavioral tendencies of varying demographics under differing sets of environmental circumstances, to accordingly develop customer personas with unique demands and create matching fulfilment options.
Solution Overview
Inferences
- Identifying major drivers behind business outcomes
- Assessing relative impact of these drivers
- Establishing synergies or interactions between the factors
Prediction
- Establishing the relationship between outcome and drivers
- Predict outcomes for set of drivers
Results
- Informed decision making, powered by insightful data
- Data driven transformation with future predictions and inputs to reduce risks
