Three-Layered Application The new version comes with three layers - Insurance Data Model, Machine Learning Scoring Engine and Use-Cases. This layered format ensures that Insurance Analytics Suite takes care of everything from data management, risk insights, to planning monitoring and execution all at one place. Layer One - Insurance Data Model The Insurance Data Model is a highly scalable model developed to cater to data management and accessibility needs of the organization. Covering Data Input, Data Curation or Data Quality, Automated Variable Mapping, Statistical Inferences and Visualization, it renders for insurer an analytics-ready environment. Layer Two - Machine Learning Machine Learning-based predictive models generate propensity scores for retention and cross-sales at the level of each policy and each customer. Based on Policy Transaction Data and Customer Interaction Data, it generates Transaction Risk Scores and Interaction Risk Scores for Renewals and Cross-sales. This layer allows the user to create predictive models specific to their needs within a few clicks. The 'Goodness of Fit' meter lets the user to check the validity of the model, basis which they can remodel and retune until the best fit is arrived at. Layer Three - Application The Applications layer leverages the previous two layers (Insurance Data Model and Machine Learning) to drive interventions. This is done through utilizing risk scores generated in the Machine Learning Layer through use-cases such as Retention, Cross-sell, Scenario Analysis, Contact Centre Optimization, Price Elasticity, Profitability among more. Workflow suited for the business user As opposed to the previous version, the Suite now follows a sequential workflow that navigates the end-user right from data handling to customer-level intelligence to actions, as well as modify this intelligence for more specific actions. In short, the new version of Insurance Analytics Suite offers a unique combination of underwriting and process excellence - and this is a first across the global InsurTech industry.
About Pentation Analytics
As an InsurTech, Pentation Analytics enables insurers and intermediaries realize maximum value of customers via proprietary platform - Insurance Analytics Suite. This insurance-specific analytics platform, powered by Machine Learning, uses customer-level data to address the core use-cases of retention, cross-sell and profitability. Insurance Analytics Suite is deployed at some of the leading insurers and insurance intermediaries, with renewal and cross-sell upside ranging between 3% and 12% depending upon the risk segment.
Media Contact: Shraddha Pandey [email protected] +91-7718015718 Marketing Manager Pentation Analytics
Source: Pentation Analytics PRNewswire OS OS
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