Insurance Analytics Suite
Insurance Analytics Suite offers Business Process Management (BPM) workflows designed for Insurance Carriers to add value across the customer lifecycle, for personal lines of Insurance
It addresses the problem of underinsurance by enabling insurers to sustain customer contracts via intelligent workflows such as Retention, Cross Sell and Claims Process.
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Key Workflows
Insurance Analytics Suite
Data Pipeline
Connect and move data from any source to create Insurance Data Model with enhanced Data Quality for analytics.
Application
Editable pre-built data flows to ingest Client’s data and to get consolidated data store from multiple data sources & data types.
Features
- Drag-and-Drop ETL functionality
- Editable blocks
- Support multiple storage technologies
Data/User Inputs
- Editable DQ rule definitions
- Options to select storage technology
Risk Score
Risk score as-service to identify unique customer needs to drive well directed customer acquisition and informed underwriting process.
Application
Risk scores for various types of Insurances (Life, Health, Property & Casuality, and Liabillity), Explanation of risk scores and highlighted gaps in the insurance covers for each type of Insurance.
Features
Ability to use 3rd party data in addition to Claim info, Options to generate recommendations to increase or manage Risk scores, Similar group statistics (if requested at additional cost)
Data/User Inputs
Standard info required with applications, Consent to share scores with Financial institutions
Customer Lifetime Value (CLTV)
Machine Learning based workflow to identify specific products for specific customers to create customer-centric and cost efficient campaigns.
Application
Simple workflows to build multiple models for Insurers altogther at once.
Features
Selection of multiple Products for cross-sell campaigns, threshold values to subset customer’s ready for cross-sell of either a specific Product or any of the Products.
Data/User Inputs
Base product name, Cross-sell campaign product (as applicable), campaign mode of execution, Mode of communication sequence for each policy, ROI monitoring period.
Reporting Automation
Pre-built insurance report for organisation-wide roles to drive efficient reporting.
Application
Editable pre-built report automation workflow for quick configuration
Features
- Report selection mechanism
- Publish-to list creation
- Publish frequency setup
- Automated DQ check enablement,
- DQ and Report Alert generation options
Data/User Inputs
- Report names to publish
- Report Frequency,
- Period of publishing
- Publish schedule
- Source and destination paths etc.
Customer Retention
AI based attrition risk scores that uses policy transaction and interaction data to prioritize customers and increase customer retention.
Application
Pre-built workflow for retention campaign setup and execution using ‘Retention scores’
Features
- Freedom to select algorithms
- Visual representation of model’s fit
- Easy navigation across the workflow pages
Data/User Inputs
- Selection of DQ rules to apply
- Selection of process decisions
- Choice of consumption integration
Contact Centre Optimization
Workflow that leverages existing “theory of constraints” models to generate operating plans that
Application
Automated allocation of policies to callers to optimize user selected business objective(s)
Features
Mechanism to specify historical parameters to use for Agent’s historical performance scoring, choices to Allocate specific segment of customers with specific callers (added constraint)
Data/User Inputs
Historical data ( of at least last 3 months) with detailed feedback reports and dispositions, etc.
Claim Estimation
Automated workflow that leverages image recognition and machine learning to estimate Claim Amount
Application
Auto-filled claim assessment form with list of damages and expected claim amount for each
Features
Damaged areas marked on each input image, Extent of damage along with probability of its occurrence, Expected claim amount levels and their probabilities
Data/User Inputs
Images uploaded from the users or uploaded via phone App, Customer indicators as add-on information available with the user, Vehicle details (if policy information not available) or policy particulars
Business Impact
Leader in General Insurance in India
2-4% increase in Retention by deploying BPM workflows for reachable customer.
One of the leadership in General Insurance partnered with us to strategically drive its focus on Retention. It’s been more than 3 years contract where we deployed IAS workflows and our Data Analyst helping them create ML based scores driven, Retention Campaigns.
One of the fastest growing General Insurers
Call Center professionals and Product Managers uses BPM workflows to drive efficiency into their business processes
Early adopter of the Insurance among the General Insurer’s in India. Since 2018, we have helped the Client adopt a comprehensive data-driven methodology to drive Retention
We are actively building Newsletters and regular Reports for the Retention team and Senior Management alike.
Leading Player in General Insurance in India
Earlier From 56% got increased to 62% in Renewal Rates measured from over a span of the first 9 months using IAS proprietary Retention Scores.
One of the biggest Insurer’s in India being an Innovator in using technology, partnered with us. We deployed the BPM – Workflows in 2017, starting with a POC that lead to a 3-year contract.
At present, we are helping in streamlining their business and operations reports for data-driven initiatives.
Leading Insurance Broker
Increase in leads by ~30% achieved by nine month project with Pentation Analytics
Nation-wide claimed largest Commercial Vehicle Fleet Insurer faced crises in their renewal rates, around 10%-15% for the Industry. We helped the Client achieve both
1) Build data-driven Renewals Process
2) Influence business teams to execute and monitor their progress.
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