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
The RapidMiner team has been amazing from day one. We have a small RapidMiner footprint but are treated like a top tier customer. The availability of a Data Scientist to help with real-world problems was an added benefit that is priceless.
Read the full review on Gartner Peer Insights
This tool has helped our company grow better over the past few years since we started using it. We use it to execute data mining activities of all types quickly and easily. It works smoothly regardless of the data source. Our business intelligence performance has been totally improved since we have it.
Read the full review on Gartner Peer Insights
RapidMiner has improved the time to market in delivering data science solutions to our stakeholders. Operationalizing data science projects has never been easier! Highly recommend the product, if the objective is to create an end-to-end data science solution that wasn't otherwise easily attainable with just Python, Notebooks or Rstudio.
Read the full review on Gartner Peer Insights
Gartner Peer Insights reviews constitute the subjective opinions of individual end users based on their own experiences, and do not represent the views of Gartner or its affiliates.
Find out how ML can transform your
insurance business
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