Insurance
Harness data to meet customers’ changing needs while effectively assessing and protecting against new horizons of risk.
Harnessing the power of data in insurance
In today’s competitive landscape, customers view insurance policies as replaceable if their needs aren’t being met by the provider, making it more important than ever for insurance companies to leverage their data and develop advanced, meaningful strategies.
RapidMiner empowers insurance companies to do just that! With our leading analytics software, you can harness the power of your data to meet customers’ needs while protecting your business against risk.
Insurance Industry Use Cases
Drive Revenue
- Optimize pricing to price sensitivity by geography and individual clients
- Understand customer segments to expand multichannel strategies
- Assess the long-term value of each customer to personalize service
Cut Costs
- Streamline claims processing by automating data-dependent steps
- Use business process mining to find opportunities to be more effective
- Streamline underwriting to achieve real-time speed, cutting costs and delivering better service
Avoid Risks
- Immediately identify fraudulent and unwarranted claims or policy applications
- Reduce risk & ensure compliance with precise and efficient scoring
Why AI Now?
Getting it right in insurance is harder than ever. The complexity of risk is rising due to climate change, terrorism and cybercrime. Smart homes and autonomous vehicles are creating a complex, new industry dynamics and unprecedented considerations when crafting policies.
The analytics behind today’s underwriting, valuation and fraud detection need to be re-invented to be lightning fast, laser accurate and adaptable to changing demands. Failure to deliver means, at best, lower profit and dissatisfied customers. At worst, it exposes insurers to massive losses.
What Our Customers Say
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