Churn prediction

Churn prediction is about detecting which customers are likely to cancel a contract. It is a critical prediction for insurance companies and agencies because acquiring new customers costs more than retaining existing ones.

Customer Lifetime Value prediction

Customer Lifetime Value (CLV) prediction is a great tool for estimating future profits generated from a particular customer. You can get valuable insights about your customer acquisition, marketing efforts, and your company's financial future. Higher CLV means each customer generates more revenue for your company and you can target your marketing campaigns and decisions on a new customer base.

Cross-sell prediction

For insurance companies and agencies, the crucial driver of growth is the acquisition of new customers. However, existing customers offer a unique opportunity for selling new products, as finding new customers is a much more expensive process. Therefore, companies can rely on the data related to existing customers to understand their behavior and make more targeted product promotions by applying cross-selling techniques.

Up-sell prediction

For insurance companies and agencies, the driver of growth is the acquisition of new customers. However, existing customers offer a unique opportunity for selling upgraded products, as finding new customers is a much more expensive process. Therefore, companies can rely on the data related to existing customers to understand their behavior and make more targeted product promotions by applying up-selling techniques.

Customer Segmentation

Insurance companies spend a significant part of their budget on marketing campaigns, to retain existing customers and to attract new ones. However, a key requirement to run targeted campaigns at the lowest possible cost, is to identify the various customer profiles, by understanding their behavioral characteristics, demographics, creditworthiness, consistency etc.

Claims 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 insurance claims is a matter of major importance for a company’s 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

Healthcare Cost Assessment (HCA) is about assessing the healthcare expenditures invoiced by healthcare providers to insurance companies, in hospitalizations. HCA evaluates costs of services and frequencies of services invoiced by healthcare providers, compares charges for consumables to market prices, checks actual quantities compared to expected 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.

Healthcare Fraud and Waste Detection

Healthcare insurance fraud is a pressing problem, which causes substantial costs in insurance companies. Due to large amounts of claims submitted per day, review of individual claims or providers is a difficult task. This is an automated pre-payment decision support tool enhancing the claim management process by detecting suspicious claims.

Anomaly & Fraud Detection in Car Insurance

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.

Risk assessment

Risk assessment is about detecting which customers are likely to announce an insurance event which consequently will lead to an indemnity payment by the insurance company. It is a significant prediction for insurance companies because claim payments control affects company’s profitability.