Data analytics consulting
Tailor-made solutions across the insurance value chain
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:
- 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.
- 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.
- 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.
- 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.
- 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.