Case Studies for Big Data in Insurance

Infinity Insurance

Like all insurance companies, Infinity faced a problem with fraudulent claims. As a property and casualty policy provider, it deals mostly with higher-risk drivers and properties. These customers have an increased chance of making fraudulent claims. 

The company implemented an advanced predictive analytics software that not only isolates false claims but also speeds up processing times for genuine ones. The company was able to spot around 88% of fraudulent claims, which shortened the claim investigation process, and reduced its losses. 

Source 

Automated Data Analytics for a U.K. Insurance Provider 

A large insurance provider in the U.K. was grappling with inefficiencies in their actuarial software. Their existing program took weeks to perform key duties like risk and profit analysis. This resulted in the company incurring high expenditure costs and missing opportunities. 

The company turned to DataArt for a robust and up-to-date automated data analytics platform. This program would be tasked with analyzing data sources and allowing easier and secure access to both internal and external data. As a result, they experienced faster data processing times and lower costs. 

DataArt worked alongside a team of actuaries to create a user-centric web interface that allowed easy input and viewing of data. The changes dramatically increased efficiency and enabled the company to enroll many new clients. The project became a long-term relationship, and DataArt now offers further automation and re-platforming of newer systems.  

Originally posted here.