Big Data for Insurance

Big Data for Insurance

For organisations to be successful and competitive in the dynamic insurance industry, it’s an absolute no-brainer that they must leverage upon big data and analytics. Allerin’s big data solutions allow for insights that play a pivotal role in helping insurance companies solve some of the biggest challenges that have been plaguing the industry with the help of insurance and fraud analytics.

Insurance companies have no physical products to manufacture or manage. In such a scenario, data from insurance analytics is the most important asset for insurance companies. Allerin’s insurance analytics offerings allow insurance companies to make the most of this huge repository of data that they have at their disposal.

Allerin’s solution allows for capture and analysis of structured data that is associated with policyholders, as well as unstructured data procured from varied public sources like social media. Such a solution can benefit insurance companies to evaluate the risks of insuring a particular person. Insurance companies can set the premium for policies in accordance with the information made available to them by fraud analytics.

Offerings

Product Personalisation

Allerin’s big data solutions allow organisations to create simpler and more transparent products. These solutions enable insurance companies to predict customer behaviour and obtain significant insights, which allow them to develop and optimise personalised policies, resulting in improved customer satisfaction. By applying customer insights to customer call centres, insurance companies can provide their customers with much better overall support.

Better Claim Management

One of the prime problems that is troubling insurance agencies across the board is fraudulent claims. Allerin’s big data solutions provide insurers with predictive fraud analytics to identify the rightful claims from fraudulent ones.

Predictive fraud analysis has the capability of playing a critical role in addressing rising fraudulent claims and losses associated with such claims. Allerin’s big data solutions allow insurance companies to analyse vast chunks of data captured by consumers’ IoT devices in homes and cars or by their health wearable devices at the underwriting stage itself. This can help structure personalised policies for customers.

Additionally, using public and proprietary IoT devices, insurance companies have the ability to leverage internal data sources with unstructured data at the time of the claims request and identify if the claim being made is legitimate.

Risk Management

The insurance industry always has to deal with new risks due to catastrophes and regulatory compliance. As a result, risk management becomes essential to the industry as a whole. Allerin’s big data solutions also allow for catastrophe risk modelling, which allows the organisation to predict the maximum potential loss that a catastrophic event will bring. Using Allerin’s big data and analytics solutions insurance companies are able to model policies by integrating historical data, policy conditions, exposure data and reinsurance information. This also allows underwriters to price catastrophe policies based on grittier factors, rather than just the place of residence.