Data Science for Insurance
Harness data to meet customers’ changing needs and improve their overall experience while effectively assessing and protecting against new horizons of risk.
Leading companies make it their policy to choose us.
Three Ways Data Science Assures a Better Future
Drive Revenue
- Optimize pricing to cost 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
- Simplify underwriting to achieve real-time speed, cutting costs and delivering better service
Manage Risks
- Immediately identify fraudulent and unwarranted claims or policy applications
- Reduce risk and ensure compliance with precise and efficient scoring
Harnessing the Power of Data in Insurance
The insurance industry is ultra-competitive. The vast selection of providers means that customers will walk if they feel a quote isn’t reasonable, or if coverage or service is below par.
Luckily, your data can unlock opportunities to become more customer-centric and differentiate yourself from competitors. Customer segmentation, personalized marketing, and life event communication let you tailor messages, while recommendation engines can help to provide unique offers. Lifetime value prediction, claim prediction, and fraud detection all help to make timely decisions and maximize profits.
AI for Insurance—Why Now?
Getting it right in insurance is harder than ever. Risk assessment continues to become more complex due to climate change, terrorism, and cybercrime—not to mention new work patterns and health outcomes. Smart homes and autonomous vehicles are creating complex new dynamics and fresh considerations when crafting policies.
The analytics behind today’s underwriting, valuation, and fraud detection need to be re-invented to be fast, accurate, and adaptable to changing demands. Failure to deliver means, at best, lower profits and dissatisfied customers. At worst, it can expose you to massive losses.
Discover the RapidMiner Data Science Platform
RapidMiner unifies the entire end-to-end data science lifecycle so that you can turn promising data science projects into solutions that deliver real business results—and set you apart from the competition.
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Data Science for Insurance
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