|
The Insurance Industry thrives on statistics - actuarial reserves, annuity tables, claim frequency and severity, ROI, etc. Although it is one of the most data-intensive industries, it lags many other industries in applying advanced business analytics methods to improve sales, underwriting, claims, retention and overall risk management. Concepts like System Dynamics Modeling, neural networks, Bayesian networks, customer lifetime value models and other advanced methods are just beginning to be applied successful to insurance processes. Many insurers today still do not have a clear view of all products and services they provide to a household.
TNC believes that successful insurance strategy is founded in data, leverages technology and unlocks opportunities. Because business analytics will play a significantly greater role in insurance marketing and business decision processes, we have joined forces with Inductis, Inc., (www.inductis.com) with offices in New York, New Jersey and India to deliver the most advanced solutions to the industry. Inductis has a strong track record of helping leading financial organizations strengthen their businesses with a unique blend of strategic and analytical services.
Our work with some of the most forward thinking insurers has shown the power or these methods to better manage claims and underwriting processes. For example, we have applied a Bayesian Network solution to replace less effective scorecard methodologies in claims. Inductis has provided data mining support to a major insurer to increase retention. Our consultants have developed customer lifetime value models to enhance sales strategies and reallocate marketing expenditures to the most effective channels.
As the Insurance Industry embraces these advances in the application of business analytics, TNC can provide experienced resources that know how to apply these methodologies to the unique business requirements of insurers and reinsurers. |
|
