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.

customer-shopping-online

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.

insurance-agent

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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975,000+

Global Users

Excellent Tool For Novice Data Scientists

RapidMiner AI Hub is really good product and provides most of the capability with the combined suite of RapidMiner AI Hub and RapidMiner Studio with Auto Modeler capability.

Data Architect Sr

Finance

Best Data Science and Machine Learning Solution

Overall, I had a positive experience with RapidMiner. It is a unified platform where I can judge my data overall and we can easily decide where we need improvements and what is working well. Due to its machine learning, I am confident about my decision that keeps my brand standing out in a competitive world.

Senior Software Engineer

IT Services

Smart Tool Related to Machine Learning and Data Science

This has completely changed how we handle our database schemas, how we achieve success and make long-term plans, and how we make decisions. We've deployed RapidMiner throughout our whole business since it's applicable for each and every use case, sparing us a tremendous quantity of effort and resources.

Corporate Communications Manager

IT Services

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Data Science for Insurance

Adapt to changing risk dynamics and meet new demands in insurance. Request a free AI Assessment to determine the feasibility and business impact of the your high-priority use cases.

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