Insurance companies generate and hold a wealth of data. It comprises of consumer information, product details & pricing information, underwriting practices, and much more. Insurance data analytics helps leverage knowledge by converting it into actionable insights. Rishabh Software empowers insurance firms with efficient predictive analytics based models & data visualization tools that accelerate business outcomes to drive competitive advantage.
Data analysis is one of the historical pillars of the insurance sector. With statistical models used by actuaries in the past to predict property loss & damage to selling policies, the insurance industry indeed collects a large volume of data sets about the customers. However, investment in data has gained strategic importance in recent times when insurers have sought to become more relevant for their customers.
To leverage advanced analytics and further integrate the outcomes with a business process must be an integral part of every insurer’s strategy today. And, while the digital opportunities are abundant, the focus should be on harnessing data analysis to cut down on claim handling time & costs and eliminate potential fraud.
Predictive analytics in insurance drives data-led decisions such as:
Rishabh Software helps insurers embrace new models of analytics & data science technologies with comprehensive actuarial services and advanced analytics coupled with machine learning tools that drive growth and innovation.
Further, by leveraging the BI (Business Intelligence) and reporting capabilities of insurance analytics, we help create data-driven investment strategies, understand market scenarios, capital management tactics and more.
Our custom analytics solution help in streamlining risk assessment & claim management processes with real-time actionable insights.
We assist companies with insurance data analytics by addressing risk management components that cover balance sheet optimization, assessment & analysis, reporting and more.
Our capabilities allow:
Besides, one of our recently developed COVID-19 dashboard solution helps provide insights on pandemic hotspots to backtrack its effect on insurance claims, forecasts loss and increase in applications.
To help insurance companies move ahead with agility and unlock new opportunities, we can build and implement a variety of tools for process & communication improvement as part of insurance analytics focus.
It includes but not limited to
Predictive analytics in the insurance sector is creating a monumental shift by defying old-school methods of working to unlock new growth opportunities.
Rishabh Software is a preferred partner for insurance companies to leverage this transformation by deriving value through analytics powered by AI & machine learning capabilities. We enable the organizations to drive improved service, higher customer satisfaction and faster processing time.
Rishabh Software enables the right decision making to drive insurance business forward with an integrated suite of risk, consumer, operations and capital management solutions.