As the AI revolution takes hold, Insurance Companies are increasingly asking their data science teams to tackle the big questions. As a result, data scientists are expected to do much more than work on one-off research projects. They need to find repeatable, automated ways to provide real-time insights for day-to-day decision-making.To meet these expectations, data science leaders not only need to be able to explain the potential of modern predictive analytics technologies to business stakeholders—they also need to deliverthe results. The ability to define and execute a successful data science strategy will be one of the key differentiators between leaders and followers in the years ahead.
There are examples of how we have leveraged data-driven technology to create compelling value for our clients.
Artificial intelligence (AI)
AI automates human functions for quicker and more accurate responses. For example, an AI-powered chatbot may help a potential customer navigate through a site and settle on a product.
Machine learning (ML)
Insurance companies collect vast amounts of data that can extract valuable information on their customers and what they may need. Collected data can be risk modeled. We have collaborated with our clients to created ML model to estimate premium amounts and predict demand.
Internet of Things (IoT)
IoT devices are connected to the internet, and this data can be collected and used in risk analysis. We have worked with Taxi Fleet insurers that has all its vehicles fitted with GPS trackers. These trackers can record the car’s speed, braking pattern, and location to predict safety and accident risk analysis.
We are leveraging Blockchain technology to data security standards and build a sense of trust between the insurer and insured, while bringing down transaction expenses. This technology frees human resources, quickly processes claims, and increases the quality of data collection.
We have created measurable value implementing data analytics for our clients.Insurance companies can get deeper insights into customer needs and targeted products and services. They can process claims quickly and customize marketing to each client, giving them a competitive edge over other insurers.