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Outsource Data Mining and Analytics for the Insurance Industry

"Data mastery", which includes business intelligence, ranked among the top three projects that delivered the highest return on investment in a CIO/CTO survey conducted by Celent Communications Inc., Boston.

It is this field of business intelligence that utilizes data informatics for assessing core areas of businesses such as risk assessment, underwriting, new product development, claims, and customer service.

Making business intelligence relevant to the insurance market

The insurance industry must utilize data more strategically than it has done so in the past. Factors such as data warehousing and data analytics must be applied in order for business intelligence to be relevant to the insurance market’s ever dynamically changing scenario.

Data Integration (Warehousing) and Streamlining (Cleansing)

Many insurance companies are dealing with legacy computer systems that work well on their own from a process standpoint but are extremely difficult to run with respect to data sharing and integration. In addition to the above mentioned intra-institutional data integration issue there is also the problem of inter-institutional data integration which has arisen as a result of many insurers growing as a result of mergers and acquisitions. As a result data pertaining to the parent companies has not been integrated or streamlined effectively enough from disparate systems into one central location such as a data warehouse.

Data Analytics - Marketing and Data Informatics

Advanced analysis of data has several benefits in addition to the above:

  • Better networks - More effective integration of company with agents so as to provide customers with the latest and most accurate policy information. This is achieved by leveraging up-to-moment customer data and by optimizing face-to-face and self-service interactions
  • Lower Operational costs - which translates into higher revenues and better profit margins
  • Lower Healthcare and diagnostic costs with regards to health and life insurance
  • Reduction of claims fraud - A streamlined and automatic process determines during the claims notification process itself whether an incoming claim qualifies for immediate approval or needs to be further examined by experts, thereby reducing unwanted and time consuming scrutiny
  • Segment and analyze customer value and install a knowledge process that leads to accuracy and speed of response to market changes
  • Uniformity in insurance report generation

Outsource2india’s Insurance Informatics and Data Analysis Services

  • Data cleansing and enhancement
  • Software development
  • Data warehousing
  • Data analysis and mining
  • Business Analytics
    • Determination of customer retention scores, loss ratios and product pricing.
    • Benchmarking studies against industry peers Root-cause analysis for metric improvements
    • Analysis of Lead conversion rates
  • Risk Analytics
    • Statistical modeling for loss estimation
    • Risk model development
    • Damage and loss estimation
    • Hazard zoning and risk mapping
    • Plan reinsurance for risk exposures and related limits
  • Reserve adequacy
    • Claims analytics to determine adequacy of Loss reserves and  unexpired risk reserves.
  • Portfolio and Product Analytics - with respect to in line businesses, product categories, pricing and other variables.
    • Sales and production data including agent sales, persistency rates and paid-to-written ratios.
  • Market Analytics - Annuities; Debt Analysis, equity and various other financial instruments.
  • Customer Analytics and Demographic and Geographic Variables- to implement predictive analysis and model future customer behavior

At Outsource2india, we have the necessary technology, advanced data analytical capability and domain expertise -based business intelligence that creates high-levels of measurable business value to customers.

We have a number of expert data analysts, including Ph.D. statisticians, mathematicians, life science experts, and various other highly qualified professionals. Technical analysts and data entry operators provide support and have the skills to provide required technical assistance thus enabling high grade and high yield marketing and data informatics services for the insurance industry vertical.

The overall cohesiveness and talent of our team will analyze your insurance data and will develop analytical approaches that will optimize your insurance processes.

Contact Outsource2india to give your business the extra edge.

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