The term "Business Analytics" refers to a number of different
statistical methods and techniques for prognosticating events. The
objective: to learn from the past in order to predict individual
future outcomes. Business Analytics can be
utilised to positively influence business development at various
points along the value chain. The results include not only cost
reduction and enhanced effectiveness, but also improved customer
satisfaction.
The main difference between Business
Analytics and the conventional methodology of traditional data
analysis is the volume of information employed: to gain a complete
picture and identify all relevant interactions, the models use more
than 100 parameters drawn from existing policies, claims statistics
and call centre information. These data are further linked to
geographical statistics such as income per postcode. Based on these
insights, you can launch precisely targeted measures with an
absolute minimum of scatter loss.