Interesting insights from the Indian Insurance market on the role of data analytics in digital transformation. Applies to UK, rest Europe and USA.
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Using data analytics, insurers can marshal their data resources and create a multi-channel approach to fraud detection. They can take a close look at both traditional structured data (such as claims and policy data) and textual data (such as adjustor notes, police reports and social media),” says Rajeev Baphna, Founder and CEO, Analyttica. These activities can help create new models to identify patterns of both normal and suspect behaviour that can be used to combat the increasingly sophisticated perpetration of insurance fraud. Consider the case of auto insurance. It had been a loss-making business because of low pricing and very high-claim payouts, but in 2011, prices increased by 70‑150 percent to help minimise losses. “Based on ratings classes, derived from data analytics, automotive insurers can also vary premium for policyholders,” says Sukhwinder.