With data science and machine learning, insurance companies have the opportunity to use the full potential of their internal and external data to optimize products, services and processes.
In addition to banks and other financial institutions, insurance companies are also facing the central challenge of the future: “digitization”. Although the business model of insurers has been data-based for decades, the industry has been slow to open up to digital change.
With regard to the systematic use of internal and external data, many insurance companies have the advantage of already having many data sources and data warehouses that have been built up over many years. The potential stored here is just waiting to be exploited through appropriate analyzes.
In the insurance sector, too, data science and machine learning will become a strategic asset that can generate competitive advantages over the competition. Our team of data science experts supports you in the identification and implementation of data science and machine learning projects and implements them in your infrastructure.
Compulsory insurance for businesses
In principle, analytics methods and instruments can be used in almost every business area. With the help of internal and external data, companies can take a comprehensive look at customer behaviours, market segments and growth potential, avoid wrong decisions and develop new models. The analysis functions range from the basics such as data management and business intelligence to more complex functions such as performance management, predictive modelling, asset intelligence, automation and more.
As a company we must be aware that we must take out a series of insurances and there are others types that are dependent of our decisions. The company is the economic engine of our life and, therefore, it must be well insured so that, if the case arises, all the economic consequences derived from the accident do not fall directly on the entrepreneurs.
• Liability insurance
Throughout your work activity as an entrepreneur, you carry out different tasks that carry certain risks. These can cause damage to third parties that you will have to assume and face, which will ultimately result in loss of personal assets. To avoid these unpleasant and conflictive situations, there is civil liability insurance. With this mandatory insurance for companies you protect your business against possible damages or civil errors.
• Group accident insurance
Collective accident insurance is mandatory when the company has workers hired and registered. It is usually a policy linked to the company's collective agreement and it establishes the compensation and coverage that will be carried. Group accident insurance offers coverage for accidents, permanent disability or death of the worker and is updated annually considering the average annual number of workers.
• Multi-Risk Insurance
With this type of policy, you can combine everything you need. Protection of your premises, coverage for damages, theft or fire, damages caused by neighbours, damages suffered in the stored merchandise.
• Insurance for company vehicles
If your workers need a company vehicle to carry out their activity, vehicle insurance will cover any traffic accident.
Benefits of HData Systems data analytics
• Customer Lifetime Value: Model the customer value over the contract period depending on various factors.
• Customer retention: Predict which customers will end their contracts early and who can be brought back.
• Fraud detection: Use machine learning to automatically identify which of your customers may have fraudulent intentions.
• Risk analysis: Use statistical
• Models and simulations to calculate the risk of your business and your customers.
• Forecasting: Use models from statistics and machine learning to predict premium income and benefits.
• Next best product: Analyze which of your customers are interested in other products and offers from your portfolio.
Some of our top data science tools at HData Systems