PROPERTY & CASUALTY ANALYTICS

Property and casualty insurers must look deeper at what their data tells them about their clients and potential clients. EXL Analytics is an industry leader in supporting insurance clients in many strategic areas.

Customer analytics can identify customer segments with product needs that can generate strong returns. Advanced analytics such as sentiment mining can help insurers understand why products resonate with customers. Operational analytics can improve functional areas such as pricing, reserving and claims, streamline operations across departments to improve decision making in nearly real-time. Digital analytics helps insurers in fathoming how to operate in the new Digital age.

Prioritizing projects with the best return in the shortest time helps the operations manage time and capital. Risk modeling services enable insurance companies to invest assets, better understand underlying risks and improve transparency with their positions. Insurers with better understanding of how the business is likely to operate in the future can free up resources, which in turn improves bottom-line performance.

CAPABILITIES: PROBLEMS WE ARE SOLVING

  • Marketing and Agency Management
    • Media mix optimization
    • Agency segmentation
    • Agency/broker productivity improvement
    • Reward and compensation plan optimization
    • Campaign design, management and tracking
    • Response and conversion modeling
    • Digital and social media analytics
  • Actuarial
    • Class plan development
    • Price optimization
    • Rate filings
    • Economic and capital modeling
    • Underwriting support
    • Portfolio analysis
    • Standard report generation
    • Loss reserving studies
    • Predictive modeling
    • Catastrophe modeling
  • Servicing and Operations
    • Contact center cost reduction
    • Capacity planning
    • Call volume forecasting and optimal agent scheduling
    • Improved cross-sell efforts
    • Tiered servicing
    • Outbound call optimization
    • Process controls
    • IVR optimization
  • Customer Management
    • Customer retention and loyalty improvement
    • Lifetime value estimation
    • Cross-sell and up-sell
    • Digital and web analytics
    • Recoveries optimization – Bad debt mitigation
    • NPS analytics
    • Social media and social network analysis
  • Claims and Money Movement
    • Claims severity and frequency estimation
    • Fraud detection and prevention – SIU process optimization
    • Claims process optimization and transformation
    • Disability claims analytics
    • Subrogation optimization
    • Expense management
    • Claims triage
    • Mining claim adjustor notes

CAPABILITIES: CENTERS OF EXCELLENCE WE BUILD

  • Data
    • Consolidation of data through scanning/OCR
    • Incorporating data elements from external data sources like D&B, Experian
    • Data warehouse development and management
    • Data asset development
  • Modeling
    • Data validation and cleansing
    • Model development – GLMs and machine learning
    • Model testing and enhancement
    • Model validation
  • Reporting
    • Insights reporting
      • Tool design and implementation reporting
      • Ad-hoc reporting
    • Development of business rules
  • Outcomes
    • Analytics-enabled solutions to deliver key outcomes
      • Class plan development
      • Loss projection modeling
      • Demand & retention modeling

CASE STUDIES

A leading insurer leveraged EXL’s embedded analytics capabilities to optimize operations. Data-driven processes improved transaction volume forecasts, which improved staffing, cut overtime, and reduced attrition.

DOWNLOAD

A major U.S. multi-line insurer turned to EXL to help it better match the number of people processing claims with the volume received on any given day across several locations.

DOWNLOAD

A large U.S. property and casualty insurer partnered with EXL to identify causes of customer appeals and determine drivers of subsequent acceptance or denial. The recommendations developed helped underwriters make decisions to reduce appeals.

DOWNLOAD

LEARN MORE

BIG DATA AND ACTIONABLE ANALYTICS FOR THE INSURANCE INDUSTRY

DOWNLOAD

INSURANCE CLAIM PREDICTABILITY EXL ANALYTICS' KEYS TO UNDERWRITING PROFITS

DOWNLOAD

USING SOCIAL MEDIA DATA FOR LEFE-EVENTS MARKETING

DOWNLOAD

READY TO LOOK DEEPER?
CONTACT OUR PROPERTY & CASUALTY LEADERSHIP TEAM.

Contact

GET IN TOUCH WITH US

Address
280 Park Avenue, 38th Floor
New York, NY 10017

For career click here