| Industries |
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| Insurance |
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| The health of an insurance company is linked to a healthy premium-to-claims ratio. Excluding extraneous factors, the premium is a function of: |
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Healthy growth in the number of customers. |
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More business from existing customers. |
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Regular premium payments from customers without having to follow up. |
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Availability of a variety of insurance plans for various user groups. |
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The servicing and marketing ability of the agent dealing with the customer. |
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The number of loyal agents. |
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| The claims payouts can get affected by the following factors: |
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Fraudulent claims that arise because the company doesn’t have a centralized consolidated data depository. |
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Overexposure of an individual because he/she has taken multiple policies with the same organization, resulting in large payouts when the individual claims his/her money. |
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Premium amount not very closely associated with risk; leading to a large number of unforeseen claims and large payouts |
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| How can Ixsight help in this situation? |
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| Insurance data in particular is rich with information – it contains data relating to age, gender, health history and occupation details, apart from geographic descriptors, because of the very nature of the business. However, this data is very often not stored in a clean and structured format that allows for easy analysis. |
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| Ixsight can be used to cleanse, standardize and deduplicate data to identify: |
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Average policy holding per customer. |
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Average policy holding per household. |
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Female/ male profiling of customers. |
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Number of varying roles that a customer has with the organization. |
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Number of agents who are also policy owners. |
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| and ensure that |
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The majority of premium reminder letters reach correctly and on time. |
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Many customers can be contacted by email/telephone once the data is cleansed and populated. |
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| Geofix from Ixsight can be used to identify |
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Customer concentrations in a spatial environment. |
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Areas of poor customer concentration and low agent density. |
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