Analytics: startups focused on insurance sector will rise big
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.