Data analytics consulting

Tailor-made solutions across the insurance value chain

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Global Consulting supports leading-edge data analytics

Digitalisation continues to play a key role in the insurance industry. An even vaster pool of structured and unstructured data is available than was the case just a few years ago. This trend is accompanied by a need for enhancements in infrastructure and the computational power to store and handle very large volumes of data, as well as sophisticated algorithms for its analysis.

In this fast-changing environment, we are your competent partner. Our experts combine their experience in primary insurance with their knowledge of data science and advanced analytics to deliver end-to-end support that encompasses modern pricing strategies.

Our offer includes, but is not limited to:

Risk network analytics

Smart household value propositions can leverage on advanced geospatial analytics.
Technical excellence is also driven by the identification of new rating factors. A novel, promising approach is to develop an isolation index.
This “remoteness” score is based on the actual travel times between the written risks of a portfolio, and a selection of points of interests (POI).
The set of POI is fully customizable, once the risks have been geo-located accurately. This analysis translates into a bespoke solution for the most competitive players.

Geospatial analysis

Complement existing underwriting and claims processes with geospatial analytics.
Easily and reliably assess the risks to your portfolio from natural hazards and support with comprehensive and transparent business insights.
Turn risk into resilience through climate risk score analysis that can deliver more insights about the estimated climate impacts and identify opportunitiess simultaneously.
Develop bespoke rating factors using geospatial data and remote sensing techniques to improve technical modelling, underwriting assessment and claims management.

Image recognition

Increase efficiency of the claims notification and assessment process which has a direct positive impact on claimants and assessors in the motor insurance industry.
Make claims assessment effortless, fast and user friendly with AI: Streamlines photo capturing process, digitalization of FNOL, digitize and optimize the process to enable efficiencies, and mitigate fraud.
Significantly reduce time spent on claim payouts, optimize claims triage process, save time & allow assessors to focus on more complex claims.
Speed up the digitalization journey and financial transactions.
Design the solution using cutting-edge deep-learning architectures to be able to automatically detect damage levels, damage types, and loss estimates.

Claims fraud detection using AI and ML

Artificial Intelligence based fraud propensity scoring, which can aid in better claims triage and claims process management.
Machine Learning based models for identifying top fraud variables and generating fraud rules.
Network analysis and collusion detection, e.g. between agents and workshops.
Case management for claims process optimization post fraud detection.

Cross-selling and upselling

Use of hybrid collaborative filtering models to generate propensity scores for product purchases across millions of customers and hundreds of products.
Deep-learning based models for generating propensity to purchase for specific lines of products.
Provide Advanced Analytics and Machine Learning services using Munich Re’s analytics platforms.