Predictive Analytics in Insurance
There has been considerable change in the relationship between customers and companies. With the ease of online access, customers are now empowered to know their vendors and control their relationships with them including the freedom to switch vendors easily. Companies have the ability to know their customers and market to them on a personalized basis using data mining and predictive analytics technologies.
Predictive Analytics can unlock insights that enable companies to add new customers and grow their business as well as improve their understanding of what their customers want. It uncovers hidden insights in customer data to enable the creation of personalized experiences that win more business while reducing costs and increasing customer loyalty.
Predictive Analytics enable the very sharpest competitive edge. They deliver powerful, unique, qualitative differentiation by providing your enterprise a proprietary source of business intelligence with which to compete in Operations, Customer or Threat & Fraud applications in your organization.
A predictive model generated from your data taps into experience to which only your company is privy, since it is unique to your prospect list and to the product and marketing message to which your customers respond (both positively and negatively). Therefore, the model's intelligence and insights are outside the reaches of common knowledge, and the top prospects it flags compose a customized, proprietary contact list.
Attend this informative webinar to learn more about how Predictive Analytics are making a difference in the insurance industry through focused target marketing, and more efficient fraudulent claim detection. We'll discuss a detailed use-case for a real-world insurance company examining how specific customer attributes were used as indicators for fraud prediction.