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Business Intelligence IA+

Motor Insurance Pricing strategy using Advanced Analytics

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Today insurance companies are attempting to improve the bottom-line by containing cost which has very limited scope. While continuing driving the cost insurer must focus on innovative product pricing which is more market driven than the regulator. Some of the product segments are highly price sensitive, especially motor segment; profits are eroding and it has become practically unsustainable business if not for the size. However, with the ‘internet of everything’ and ‘social media’, insurance players can look at innovative pricing...
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Predictive Analytics in Insurance Industry

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The application of Predictive Analytics in Insurance to the core insurance functions of marketing, underwriting and claims can provide meaningful benefits to insurers. The greater availability of data, technological advances, and pressure to maintain competitive advantage has seen insurers leverage predictive analytics to make informed decisions.   Marketing: Increasing Hit and Retention Ratio Predictive Analytics in Insurance Industry can be used to market insurance products and services more efficiently. Let’s examine this from the context of a hit ratio, a...
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