How insurance sectors can take help of Data analytics.
Claim is one of the major expense items for an insurance underwriter and fraudulent claims can have severe adverse consequences. Predictive Model can be built to find chances of a claim being fraudulent and approve the genuine claims. Policy renewal model has based on policy holder attributes, channel and acquisition attributes; build a model to estimate probability of renewing policy at first year of renewal.
A predictive model to find likelihood of a policy holder surrendering a policy. Building predictive model for identifying claims which have higher chances of falling into Subrogation process. This can help in increasing claim closure rate.