Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Achieving cost efficiency through Predictive Analytics – Eric Siegel

[ff_author_box_style2]

Article Synopsis :

Achieving optimal cost efficiency for insurers is a tough task but modern approaches to predictive analytics can help ease the burden. Predictive analytics have proven handy in addressing cost concerns of business processes where expert judgment is a key component of the decision making process. Innovative analytics can successfully pinpoint the operational inefficiencies and exposes factors that influence cost, making it easier for administrators to identify opportunities to improve cost efficiency.

How to use Predictive Analytics to Reduce Costs

In the article “Six Ways to Lower Costs with Predictive Analytics” Eric Siegel explains how predictive analytics can be utilized for cost reduction by targeting right customer. The article provides an overview of the six cost cutting value propositions that can help insures maximize profit and revenue namely :

1. Response modeling for direct marketing
2. Uplift response modeling
3. Targeted retention with churn modeling
4. Churn uplift modeling
5. Risk modelling
6. Fraud detection

Link to Full Article:: click here

Digital Insurer's Comments

Operational costs are undoubtedly a major concern for insurers amid an intense competitive environment and uncertain economic conditions. Modern approaches to predictive analytics presents great opportunity for those insurers who want to raise the cost efficiency bar by gaining a unified view of the dynamic factors that drives cost.

Although the author focuses on removing marketing and sales inefficiency, the other applications of predictive modeling can be to remove

1. Infrastructural inefficiency
2. Distribution channel inefficiency
3. Underwriting inefficiency

Link to Source:: click here

 

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in