Churn prediction

Churn prediction is about detecting which customers are likely to leave a service or to cancel a subscription to a service. It is a critical prediction for many businesses because acquiring new clients often costs more than retaining existing ones.

Customer Lifetime Value prediction

Customer Lifetime Value (CLTV) prediction is an important problem in Insurance where an accurate estimate of future value allows insurers to effectively allocate marketing spend, identify and nurture high value customers and mitigate exposure to losses. Higher CLTV means each customer generates more revenue for your business without you having to invest anything extra, which also means your company has more money to spend on acquiring new customers.

Cross-sell prediction

For insurance companies, the driver of growth is the sale of products, however the preferred way is through the existing clientele, as finding new customers is a much more expensive process. Therefore, companies rely on the data they have in order to understand customer behaviour and make more targeted product promotions.

Up-sell prediction

For insurance companies, the driver of growth is the sale of products, however the preferred way is through the existing clientele, as finding new customers is a much more expensive process. Therefore, companies rely on the data they have in order to understand customer behaviour and make more targeted product promotions.

Customer Segmentation

Insurance companies spend a large portion of their budget on marketing, creating campaigns, retaining existing customers, as well as attracting new ones. However, to achieve this at the lowest possible cost and with more targeting, a key requirement is to identify the various customer profiles, through understanding their behavioural characteristics, demographics, creditworthiness, consistency, etc.

Claim prediction

Insurance claims are one of the most important factors in the turnover of insurance companies, as they are the main pillar of their expenses. Therefore, the accurate forecasting of the insurance claims that an insurance company is called upon to indemnify is a matter of major importance for its viability, as based on these the annual financial budgets are prepared and premiums are priced.

Fraud detection

Insurance fraud causes a huge financial loss to insurance companies every year and is undoubtedly one of the most important challenges they have to face. Insurance fraud takes various forms, such as overcharging, false declaration, concealment of information, etc. and its detection is not an easy task.

Healthcare Cost Assessment for medical supplies

HCA for medical supplies is about assessing the healthcare expenditures related with consumables and special materials by tracking costs compared to market prices and also tracking quantities compared to the expected amount as defined by physicians and healthcare experts. A comparison of the invoiced prices with the market prices is made and an explanatory report is delivered.