In today’s environment, Insurers are facing intense pressure from regulators, demanding customers, governments, changing technologies and competition. Thus, there is a need to better personalize their offerings and take their customers’ experience to the next level. Analytics is recognized to provide solutions to all such challenges that the industry faces.
How Wipro Helps
Analytics solutions for Insurance help you meet these industry challenges.
- Ensure faster claims settlements at lower costs by achieving greater predictability over the claims process
- Manage risks and conform to regulatory norms
- Ensure profitable customer acquisitions and accurate predictions of attrition by gaining a 360 degree view of customers
- Improve wallet share through optimal pricing
- Manage and enhance holistic customer experience across all channels and moments of truth
Our Insurance focused Analytics solutions include:
- Profitability Analytics - It helps you focus on and invest in the right customers and products. The solution enables this by analyzing costs and revenue levers associated with customers and products at highly granular levels
- Customer Risk Analytics Evaluation - It provides underwriters with a customer risk evaluation framework or tools (built on customer loss development and attrition risks) to accurately price policies and avoid policy issuance to certain segments of the population
- Marketing Mix Optimization - It helps maximize returns on marketing expenditure. Analytics helps determine the most optimal set of advertising and targeted campaign options across channels
- iPersist Solution - It enables customer targeting (to retain high propensity to attrite customers) communication and campaign strategy development and roll-out. This helps reduce overall marketing costs and enhances effectiveness of retention
- Subrogation Prediction - It empowers you to identify leakage in the recovery process, translate into missed opportunities and savings and improve recovery accuracy and case referral
- Claims Litigation Prediction - It enables early identification of litigation propensity and reduction in the cost of litigation. It also provides optimal resource utilization that leads to improved customer satisfaction