An­a­lyt­ics: star­tups fo­cused on in­sur­ance sec­tor will rise big

Banking Frontiers - - Research Notes - Insurance Tech - Mehul@bank­ingfron­

Ac­cord­ing to NASSCOM, an­a­lyt­ics mar­ket is ex­pected to touch $2.3 bil­lion in 2017-18 in In­dia alone. Star­tups fo­cused on in­sur­ance sec­tor will rise big. In­sur­ers are us­ing data an­a­lyt­ics across the value chain for bet­ter risk man­age­ment to drive greater prof­itabil­ity, as well as to en­hance cus­tomer ex­pe­ri­ence. Pre­dic­tive mod­els throw light on how a pol­icy will per­form in fu­ture giv­ing you a de­tailed in­sight of the risk. In­sur­ance or­gan­i­sa­tions are now turn­ing to pre­dic­tive mod­el­ling. Au­to­mated un­der­writ­ing can lever­age busi­ness op­por­tu­nity for an in­sur­ance com­pany. Con­sis­tent re­sults im­prove loss ra­tios and highly im­pact de­ci­sion mak­ing. Au­to­mated re­port­ing and au­dit­ing gives bet­ter cus­tomer un­der­stand­ing. Ro­botic Process Au­toma­tion (RPA) is a con­sor­tium of AI tools, in­clud­ing ma­chine learn­ing, vir­tual agents, nat­u­ral lan­guage clas­si­fi­ca­tion and com­puter vi­sion. Robotics has the po­ten­tial to be­come the fu­ture of the in­sur­ance in­dus­try in many ways.

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