Focus on Predictive Modeling tools to manifold the Business growth of Insurance Companies
Inniti, one of the leading Data Analytics Consulting Firms, we help our clients with Insurance Analytics Solutions. We do everything from Core insurance services, operations, customer support, research and BPM.
The Insurance industry after facing a brief period of downstream in terms of operational capacities and streamlining of the products and service offerings has managed to bounce back, thanks to the advent of Insurance Analytics. Inniti Alliance, with its profound knowledge on managing, processing, settling and subrogating claims for insurance companies, provides superior claims handling service with our innovative Predictive models.
At a recent Q & A sessions held at Inniti’s Ohio head office, an excited gathering of various insurance brokers, agents, claim handlers and managers had integrated to discuss the future and use Predictive modeling tools. Addressing to the queries of esteemed gathering our Client Operations Director, Lorenzo Garza said that, “Today insurance companies are attempting to improve the bottom-line by containing cost, which has very limited scope, but while continuing to drive the cost insurer must focus on innovative product pricing which is more market driven than the regulator.”
On being asked upon, as to what are his views on competitive pricing and influence of internet to streamline operations, Garza added, “Some of the product segments are highly price sensitive, especially the Auto Insurance segment; profits are eroding and it has become practically unsustainable business if not for the size. However, with the ‘internet of everything’ and ‘social media’ analysis, insurance players can look at innovative pricing strategies and products if they adopt Advanced Predictive Models in Insurance.”
Increasing the Hit and Retention Ratio
Most of the Q & A session members were seemingly interested to know what role Predictive Analysis will play in Sales and Customer Retention strategy. Garza explained this scenario via an example and said, “Predictive Analytics in Insurance Industry can be used to market insurance products and services more efficiently. If we examine this from the context of a hit ratio, the term mainly describes, how often a marketing function can generate a sale from every contact made with a potential customer. So, if an agent registers two sales for every 10 potential customers, his hit ratio is 20%. “
He further added saying, “Predictive analytics can help Insurance companies analyze customers’ purchasing patterns, while marketers can use the data gleaned from this exercise to focus on customers who are more likely to buy, and consequently increase their hit ratio. Predictive analytics can also help insurers retain customers (and improve retention ratio) by identifying those who are more likely to purchase insurance from a different provider.”
In his closing words during the interactive Q & A sessions Mr. Garza implying the use of Analytics in the Insurance Industry concluded that “Analytics has added precision to actuarial work, which in turn has resulted in more accurate pricing through overall risk assessment. With the help of Predictive analytics, insurers can evaluate extremely large amounts of information influx more quickly and incorporate data elements that previously were not available or were not considered to be relevant in the assessment of loss cost. Advanced Analytics in the form of Predictive models could also mean instantly leveling the playing field, simply by adopting an off-the-shelf analytic solution available in the market.”
About Inniti Alliance
With a team of skilled claims adjudicators, Inniti Alliance has been able to deliver premium solutions to some of biggest names in the insurance industry. And besides helping insurers in streamlining their workflow via Advanced Analytics and Predictive Modeling, Inniti aides in resolving claims related issues and managing the claims process, helping clients cut down overhead costs, while managing claims and retaining customers with our innovative solutions.
Prerna Gupta, Media Relations
4625 Morse RD., Suite 206
Gahanna, Ohio 43230
Call: +1 (888)-452-1962
Inniti is one of the leading insurance claims processing companies. Our core insurance services will help save time as well as cut operational costs.
Feb 24, 2017