Insurance is a highly data-driven industry and there are many aspects of this sector where we can provide independent statistical expertise. With so much potentially useful data available, the challenge is to use the data you have intelligently. Our analytics team are experts in using proven statistical methods to help you turn your data into insights that will improve and grow your business.
Propensity to Claim
Predict how likely customers are to claim over the lifetime of their policy to inform premium setting. We have the ability to develop both complex and simple models of the propensity to claim. A complex model might use telematics data and give precise predictions for each customer. A simple model would illustrate the most important determinants of risk category and provide predictions at an aggregated level.
Retaining customers is important for business. We can develop a model of customer retention using the wealth of data insurers hold on their policies.
The model could enable you to spot the factors of policies associated with loyal and neutral customers. It can also help you to predict how long a customer is likely to be retained.
Telematics systems create big data. To get a handle on so much information it is important to have the right tools. Advanced data software and specialist statistical methods give us the scope to cut through the noise and draw out the relationships between risk and behaviour.
The challenge of big data is that there is no standard approach and each problem needs a bespoke solution. We have a wide range of methods from the statistics and machine learning disciplines at our disposal to assess all aspects of the problem.
We can help you to develop an efficient and thorough fraud detection system using data. Each claim could be automatically assessed for the probability of being fraudulent; information that can be combined with the claim’s value to help prioritise further investigation.
To be able to suggest additional policies and policy add-ons that customers will enjoy is a powerful marketing tool. We can use information about common combinations of policies and popular policy add-ons to find which products you should be recommending.