Predictive Analytics in Insurance

Predictive Analytics Solutions for Insurance Companies

Insurance company managers are using predictive analytics tools.

Predictive analytics in insurance delivers efficiency, higher profitability, and more customers. Most insurance companies look for reliable analytic tools to convert data into a successful business model. Predictive analytics tools are suitable for the insurance industry, whose concern is to improve the customer experience while reducing the time and cost of claims handling and eliminating fraud.

The role of predictive analytics in insurance industry

Predictive analytics in insurance industry can help increase sales and profitability. With the right predictive analytic tools, data can be collected from different sources. That way insurance business will better understand and predict insureds’ behaviour.

For example, property and casualty companies collect data from social media, customer interactions, agent interactions, telematics, etc. That way, insurance companies can better manage their claims and underwriting.

Insurance companies turn to the Model Data tool to gain much more value from implementing predictive analytics tools into their business model. It allows insurers to deal with producing data for filings, underwriting workload, and preparing for unexpected changes.

Using Data Visualisation tools is crucial for a more visual representation of insurance business data. SageData’s platform provides every customer with graphs, histograms, and other visual elements that make any report aesthetically pleasing and easily digestible, eliminating the possibility of errors or misinterpretation of data.

How is predictive analytics shaping the insurance industry?

  • Preventing potential fraud – predictive analytics in insurance identify the risk of fraud and avert it before it happens. Gathering data from social media is an easy way to register fraudulent behaviour. For fraud detection, insurers also rely on predictive insurance modelling.
  • Manage the claims process – with predictive analytics tools, insurers can identify claims that unexpectedly become high-cost losses (also called outlier claims). This helps the claims department mitigate risks. By reviewing historical data, insurers will analyse their claims processes and make informed decisions to enhance efficiency.
  • Valuable insights from data management and modelling – insurers must rely on excellent data management and modelling capabilities to make most of any data. Predictive analytics in insurance align toward building a robust customer profile and providing cross-sell and upsell opportunities. Using insurance data models, insurers can deliver on-demand customer services.
  • Identifying customers who need individual attention – insurers know that more advanced data insights will help identify customers who may cancel or lower coverage. Predictive analytics in insurance provides an implementation of personalised attention to risky customers.

 

How can SageData's predictive analytics tools help your business thrive?

Predictive analytics in health insurance

Predictive analytics tools improve patient outcomes, enhance the efficiency of health claims processing, and help identify high-risk patients. Also, they may reduce operating expenses. Health insurance firms will benefit from using predictive analytics in insurance by improving profitability and expansion in new markets.

Predictive analytics in property and casualty insurance

Predictive analytics tools collect data from internal and external sources to foresee and understand potential behaviours, trends, and customer actions. In this case, credible foresight comes from examining customer-agent interactions, telematics, and social media. The main goal of every property and casualty insurance company is to make better and more informed business decisions.

Predictive analytics in life insurance

Predictive analytics tools will help reduce underwriting expenses and increase sales and profitability. Predictive analytics improve risk model accuracy by collecting relevant client information, inspecting data to lower the risk score for the insured party, and applying underwriting guidelines to accept or decline the application for the policy.


SageData has the mission to bring its clients all the necessary analytics tools and guide their success in the business world. SageData helps you plan effective strategies and accomplish business goals by providing detailed reports using predictable analytics in insurance. We promise the security of your information, storing it in your personalised and self-manageable Data Warehouse.

Click here and register to learn more about predictable analytics in insurance. Let Sage Data show you many more solutions which could excel your business.

Test the Complete SageData Experience for Free Now!

How BI Tool Works

Successfully developed Business Intelligence Solutions go through three separate stages. Those are Data Collection and development of Data Warehouse, Data Manipulation and Data Visualisation.

434b46ba-group-11259_103s03t000000000000028

Data Collection

The first thing that happens when you start building a Business Intelligence, is that you connect all of the data sources for your business to your own Data Warehouse where you collect and store all of your data.

Data Manipulation

During this stage, all previously collected data gets analyzed. The analysis process consists of many other smaller subprocesses, like Cohort Analysis, Data science, Anomaly Detection and many more.

9260e70d-group-11262_103s03t000000000000028

Data Visualization

Our software provides you with graphs, histograms and other visual elements that make any report aesthetically pleasing, and easily-digestible, eliminating possibility for errors or misinterpretation of certain data.

Frequently Asked Questions

While Business Intelligence uses both past and current data, Business Analytics focuses more on past data only. Business Intelligence helps you run all your current operations, while Business Analytics is trying to change business operations for the better, to improve productivity and to predict possible outcomes.

There are three different types, or stages, of any Business Analytics Tool. Those are:

  • Descriptive Analytics – Uses KPIs to give you an idea of the current state of your business;
  • Predictive Analytics – Tries to predict future actions based on historical data;
  • Prescriptive Analytics – Shows you the best actions that can be taken for a given situation.

Relying on our Business Analytics Tool you get solutions on how to improve your business operations, and how to become better at what you are doing. It also saves you a lot of time as it analyzes all the Data automatically, so you won’t have to. Not only that, but it also provides you with quality reports that are visually pleasing and easily comprehensible for anyone who reads them.

Yes! Every business, no matter its niche or its size, can benefit from having a reliable Business Analytics Tool. Small Businesses and startups usually have limited budgets and limited capacities, so they need all the additional help they can get. Business Analytics Tools can help your business perform better and save you money in the long run.

Learn more about Predictive HR Analytics tools by SageData!
Solve your Data Analytics problems today!
Reach out to SageData team for a FREE consultation.
Solve your Data Analytics problems today!
Reach out to SageData team for a FREE consultation.
Solve your Data Analytics problems today!
Reach out to SageData team for a FREE consultation.

Book a call with a Data Expert