INSURANCE

Insurance

Modern Day Insurance carriers understand Machine learning is the new secret weapon to drive competitive advantage. They are optimizing all areas of their business from underwriting to marketing to make data driven decisions for increased profitability. We help financial services companies attract, manage and retain profitable customers by applying a wide range of advanced analytics capabilities tailored to each business need.


FRAUDULENT CLAIMS MODELING:

The Business Challenge:

Estimating the final settlement for a claim is highly challenging, especially at the time of first notice of loss (FNOL) as the information available is very limited. An inaccurate initial estimate results in lower operations efficiency as the claim managers cannot triage the claims and allocate the resources properly to handle them. Especially, in the case of Fraudulent claims this proves costly leading to delayed claims processing and investigating innocent customers for possible fraud.

The Solution:

Using DSF, you can automatically build extremely accurate predictive models to identify and prioritize likely fraudulent activity. The claims are divided into segments within DSF based on their pattern of loss development and are analyzed separately. For example, in the worker’s compensation line, indemnity claims have different settlement structure, both in terms of frequency and magnitude, from medical only claims. Similarly, claims related to chronic and traumatic conditions differ significantly in their development and settlement.

Highlights:

Identify possible fraudulent insurance claims

Prioritize results for fraud units to investigate further

Significant impact of duration remaining to settle a claim.

Successful integration of Cox proportional hazard survival model and Gradient Boosting Machine (GBM) model




LATEST YOTTAASYS INSIGHTS

The Analytical Revolution Of Sensors

Speaking during Question Hour in the upper house of Indian parliament on Thursday 11-June-2015, Union Minister of State for Power Piyush Goyal claimed that electricity was available at zero rupees per unit at the Power Grid’s Monitoring Office. When there are continuous power cuts across so many cities and only a few hours of power supply at majority of villages, this actually is a good indicator towards the unbalanced demand/supply situation.

READ MORE >>

The Search Disruption

There are two specific events which mark this decade, first one being the emergence of disruptive business models such as e-commerce models for retail, travel, transport and services and the second one is the emergence of disruptive technologies such as search and analytics technologies. Both of these events present a series of opportunities in terms of doing cheaper business with faster implementation times, while at the same time they possess a serious threat to the old business models and software licensing models.

READ MORE >>