FICO, a predictive analytics and decision management software company, has done a global survey which revealed that 55% of customers want insurance renewal reminder more frequently through mail and Smartphone.
For more information, please go through: http://online.wsj.com/article/PR-CO-20140312-906735.html
Stuart Rose, global insurance marketing manager at Cary, talks about how Insurance companies gather piles of text based data everyday about customers’ detail. It also addresses the different patterns used to explore unstructured information and analyze them. Text Analytics helps in understanding the details contained in the unstructured sources. The areas where text analytics can positively impact on insurer profitability are – Subrogation, Fraud Detection and Brand Reputation.
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Insurance organisations face problems in storing information. With the increase of information, innovations are required to handle information to detect risk properly. With the help of analytics in distribution channel, market products have improved. It also helps in taking decisions and reduces customer retention.
For more information, please go through: http://www.youtube.com/watch?v=KN-KgCgZdTE
The main threat of any insurance organisation is to detect fraud. To prevent fraud effectively, SAS has taken a Hybrid Approach, which enables detection of fraud 10times more effectively. The technologies in this Hybrid Approach are: Business rules, Anomaly Detection, Predictive Models and Social Network Analysis.
For more information, please go through: http://www.youtube.com/watch?v=HbJmJ_jK7gU
Susanne Sclafane, senior editor at Wells Media Group, talks about the extensive use of predictive analytics in insurance sector. The most prevailing uses of predictive modelling are rating, underwriting, marketing and forecasting. It also conveys some of the threats faced by the insurance industry.
For more information follow http://www.insurancejournal.com/news/national/2013/11/07/310601.htm
The biggest challenge for any insurance company is to capture, store, search, share, analyze and visualize big data. Moreover, handling these data is also very challenging for the insurers. Étienne Castonguay, partner and co-founder of InEdge, suggests that Predictive Modelling in insurance can help them in solving the problems.
For more information, please go through: http://tdwi.org/Articles/2013/02/26/Insurance-Analytics-Trends.aspx?Page=1
Data Analytics is very significant for the insurance industry helping to reconstruct the processes. Around 74% of the insurance sector is creating aggressive dominance for their companies by using analytical tools. To challenge and succeed in this charismatic environment, insurers must amend the value of big data. While the industry has upgraded in evaluating the structured data linked with their products but the unstructured and semi-structured information is yet untried. By focusing on the appropriate expertise, the insurance companies will be on the correct path to contend and bloom globally.
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http://www-935.ibm.com/services/us/gbs/thoughtleadership/big-data-insurance/
