Big Data in Insurance Industry

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Big Data in Insurance Industry

Allied Big Data framework lets companies accelerate the adoption of Big Data in the auto, health, home and personal insurance sectors. The solution deals with Insurance in general. Sector wise insurance solutions like those for auto or home insurance use the same basic technical framework but enrich it with other data. Key features of the solution include.

  • Claims
    • Big Data analytics algorithms and services uses telematics data to predict claim filings
    • Claims handling (accept/deny/audit), managing repairer network (auto body, doctors)
    • Maintain multi-format notations adjacent to the claims they support, aggregate information across entities, and query across widely diverse file formats
  • Risk Assessment
    • Access dashboards having near real-time claims data that helps price risk more accurately, especially in motor, household and health insurance categories
    • 3 tier data integration (core data, functional data & enriched data) to identify regions that qualify for more aggressive terms to reduce risk exposure
    • Underwriters gain real-time access to information gathered by loss adjusters
    • Identifying density of existing policies near same location
    • Access to location intelligence dashboards (containing information captured through telematics, M2M devices, GPS-enabled devices and social media postings)
  • Customer Service
    • A 360-degree customer view helps you offer tailored solutions, grow customer satisfaction, and comply with regulations
    • Call centers
      • Call center volume forecasting
      •  Call center message optimization
      • Predicting call volume for the purposes of staff rostering
      • Display the real-time & relevant data on the operator’s screen
      • Call routing (ie determining wait times) based on caller id history, time of day, call volumes, products owned, churn risk, & LTV
  • Marketing
    • Data Mining for product mix alterations
    • Track price sensitivity
    • Usage based Pricing
  • Fraud Detection
    •  Powerful, people-centric analysis across claims, providers, relationships, and other sources of information
  • Operations Optimization
    • Agent & branch performance monitoring in near-real time

The features are delivered using the Allied Framework for Big Data projects. The framework provides:

  • Iterative dashboards
  • Comparative effectiveness analyses
  • Rapid integration of all data sources
  • Capability to perform second-order analysis
  • Regression and strategy modeling to back-test plans
  • Configuration of access controls that are HIPAA compliant
  • Capability to develop and refine predictive algorithms to eliminate waste, fraud, and abuse
Technologies
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KEY BENEFITS

  • Fraud Prevention
  • Mitigate and predict risk
  • Reduce Underwriting risk
  • Increase average policy size
  • Decreases claims ratio by predicting policy-holder behavior
  • Reduce Average cost per claim
  • Improvement in price realization
  • Improves marketing ROI for each customer segment

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