Statistical analytics for Indian insurance industry
In the rapidly Expanding Indian Insurance markets Statistical Analytics will play a crucial role in all insurance functions from Underwriting to Claims To Sales To Fraud Prevention.
Statistical Analytics: The Possibilities
- Exploratory Data Analytics to identify trends and facilitate pattern discovery
- Statistical Visualization & Data Mining of Underwriting & Claims Data
- Rule Based Models that leverage Medical Treatment Guidelinesto detect anomalies in claims
- Predictive Analytics to enable accurate classification of claims into risk categories
- Descriptive analytics to identify clusters and market segments with differences in risk profiles
- Simulations to evaluate model performance and outcomes of risk scenarios
Opportunities for Statistical Analytics in the Indian Insurance Industry
Sales & Underwriting
- - Build accurate risk models customized for Indian Markets
- - Align premiums with rational estimates of health outcomes
- - Identify Market Segments and clusters of demographic & medical profiles
- - Identification of high risk policies and proactive health management for risk mitigation
- - Prediction of hospitalization risk and potential future high value claims
- - Simulation of future performance of policy risk portfolio and potential claims liability
- - Fraud Detection: Identify clusters of high fraud likelihood based on demographics, geography, policy details & other attributes
- - Identify Overbilling by benchmarking against corpus of past claims
- - Rule Based Medical Models to identify anomalous treatment protocols & lab tests
- Outlier detection based on claim size, medical history, policy duration, etc.
- Fraud Scoring Models to tag high risk cases during initial screening
- Prioritize limited fraud investigation resources to high fraud likelihood cases
- Identify patterns of Organized Fraud Cases from similarity metrics
- - Analyze claims payout and evaluate accuracy of underwriting risk models
- - Develop Summary Statistics for Regulatory Compliance
- - Prospective statistical evaluation of Risk Identification & Mitigation Strategies
Questions to ask yourself about your Analytics Platform
- Does it answer all the questions I have about the data?
- How steep is the learning curve for in-house use of the Product?
- Did I discover novel insights by using the Product? Could I translate insights to Profits?
- What are my fixed costs and licensing fees? Are Licenses Annual or Perpetual?
- Do I pay hidden licensing costs for additional modules and users?
- How qualified will be the Support Team when I have Problems?
- Does the solution fit the specific needs on Indian markets?
- How rapidly can the vendor add features to the Product? Do I wait for the next version?
INCHES - Analytics
INCHES - Analytics offers expertise to develop both historical and predictive analytics packages allowing insurers to leverage “Big Data” for making optimal business decisions. Our exploratory data analysis and advanced visualization protocols enable high dimensional and complex datasets to be exploited for Business Intelligence, shedding unwise risks, reducing bad claims and increasing overall Profitability.
Identification of High Risk Policyholders and prediction of high value claims allow risk mitigation measures to be deployed and a reduction in avoidable hospitalization and in-patient procedures. Fraud scoring models provide real-time flagging of high risk claims and other fraud detection algorithms allow clusters of high fraud incidence to be identified. We have the capability to run simulated risk models and what-if scenarios to assess various assumptions of Underwriting Risk. INCHES - Analytics also provides traditional descriptive statistics, market segmentation analysis, batch processing of large datasets, summary generation for regulatory compliance, and data mining solutions. All our capabilities are complimented by a deep understanding of the specific quirks of the Indian Insurance Markets and an unparalleled medical domain expertise to combine clinical knowledge to statistical analytics.
Why INCHES - Analytics?
- Perfect combination of insurance, medical and statistical expertise
- Local, responsive, highly qualified team where you can access the actual domain experts versus having to deal with a big, slow organization and generic helpdesk personnel
- Proven 10+ year track record of working with Indian Health Insurance Industry
- Access to an internal insurance fraud data bank and fraud detection resource pool
- Rapid conversion of Insights to actionable intelligence in a working product
- Innovative in-house product development without expensive annual licensing for software
- Low start-up cost of Projects and good scaling with the size of engagements
- Ability to develop customized, tailor-made solutions rather than a one-size- fits-all approach
- We solve the problems YOU have rather than sell boilerplate solutions in search of a problem