Analytics Advantage for Insurers

Analytics is a competitive differentiator

To achieve competitive advantage, market leaders and top performing companies recognize the power of leveraging analytics, and are three times more likely to use analytics than their lower-performing peers1. Big Data and storage technology is creating an imperative for leading companies to fully leverage and centralize analytics across their enterprise.

Achieve Scale with Centralized Analytics

Business units require continuous innovation in analytics to achieve their department objectives, placing high expectations and demand on in-house analytics teams to develop and deliver a broad set of complex analytics capabilities with service excellence.

Developing, training and maintaining a strong analytics team is often challenging and time consuming. Our team supports in-house analytics teams by providing innovative and advanced analytics driven by deep business experience to transform data into relevant and deployable business insights.

Analytics value across the value chain

We help insurers attract, manage and retain profitable customers by efficiently and effectively applying a wide range of advanced analytics capabilities tailored to each business need.

PRODUCT and PRICING

Sharpen Competitive Position

• Identify product feature tradeoffs relative to target consumer segments and competition
• Optimize data-driven pricing while meeting regulatory requirements
• Understand brand drivers and grow market share and margins

MARKETING

Increase Marketing ROI

• Optimize spend and reach across marketing media channels
• Improve execution and boost returns from advertising and promotions
• Measure and maximize the ROI from marketing programs

DISTRIBUTION and SERVICE

Boost Channel & Service Value

• Attract and build stronger relationships with lower-risk highly profitable customer segments and agents
• Define the types and locations of agents to focus effort toward incremental growth
• Determine which customers to assign to high touch service levels, negotiate settlements or refer to agencies before expending precious resources on unproductive collection attempts

CLAIMS

Increase Revenue and Returns on Expense

• Increase transparency and visibility of historical claims and define high loss drivers
• Tighten controls over loss ratio and exposure relative to claims funding requirements
• Expand and strengthen the range of risk factors to refine and reduce errors in loss forecasting

Analytics Center of Excellence (ACE)

Our engagement approach provides a dedicated team to augment in-house analytics staff to quickly and easily support the needs of multiple business units. We scale our team of trained and experienced scientists, analysts, consultants and project leaders to keep pace as your analytics needs grow to leverage Big Data and increase competitive differentiation.

We guide the implementation of data-driven decisions to ensure success is measured and achieved against key performance drivers and business user satisfaction.