ScoreFast™: fostering a new era in customer engagement for the Insurance Industry
Insurance companies, by the very nature of their business, have constantly growing data sets that need to be analyzed continuously. As well, there is a growing demand for widespread creation and consumption of up-to-date analytics-driven insights within the enterprise. However, these enterprises are constrained by aging tools, solutions, pricing, and deployment models. Furthermore, there is a growing shortage of Insurance-domain savvy practitioners of Big Data Analytics.
New generations of analytics platforms, technologies, and frameworks, now make rapid and automatic development of models, and in-memory computation possible. These frameworks also allow the absorption of legacy data models into these new platforms. ScoreData Corporation has built the ScoreFast™ platform that combines best of breed algorithms and state of the art open-source frameworks to deliver models and run-time environments with dramatically short turn-around times.
At the heart of ScoreData’s model development platform are real-time self-learning models. These ensure that you do not have to hire large teams to build and maintain your models. This ensures the lowest total cost of ownership of any modeling platform in the industry.
“The world is moving from ‘proprietary’ tools for data scientists to Open Source tools and solutions for business users. And this is precisely what makes ScoreData a company to partner with for the future,” says Vasudev Bhandarkar, CEO of ScoreData. “Our tools are designed from ground up for cloud and customized for insurance industry-specific solutions in Claims, Risk, and Insurance product recommendations.”
The most important need for any consumer-facing Industry is customer engagement. In the three years since ScoreData was founded, they have focused on building solutions for consumer facing industries. In order to further assist insurance firms to improve the responsiveness and effectiveness of their sales and marketing campaigns, and to implement cross-sell strategies to assess customer loyalty, the analytics platform has a variety of pre-built model offerings in consumer analytics, risk analytics and claim analytics.
The ScoreFast platform fosters widespread analytics consumption and insights usage across organizations and has an easy to use business dashboard driven data/model development and deployment facility. “Comprehensive centralized model management with version control means less duplication, more collaboration, and ease of diagnosis when model performance deteriorates,” explains Bhandarkar.
At run time, models update themselves incorporating a wide variety of company internal, and third party and regulatory data. The platform is flexible enough to ingest new data sources or tune out old data sources during the model building process. This ensures that the most accurate models get deployed over time. ScoreFast then compares and contrasts results from hundreds of in-memory-built models with these algorithms. This is a significant improvement over legacy practices, thus shrinking model-to-market times from weeks or months to days or hours.
Citing an example, Bhandarkar explains how ScoreData assisted one of their clients holding a diversified financial portfolio devise a superior and much improved cross-sell strategy, which resulted in significant yield improvement. Through ScoreData’s expertise, the client was able to increase their cross-sell penetration by 200 percent within two quarters of implementing ScoreData’s models on their portfolio of over half a million customers.
ScoreData was founded with zeal to providing innovative and custom data analytics solutions to the ever-changing needs of today’s businesses. They work closely with their clients and business managers to deliver predictive insights for their business. “Newer product releases of the ScoreFast engine will feature special packages for the insurance industry. We expect this will result in quick turn-around times in claims fulfillment, and optimal package offers for insurance consumers,” concludes Bhandarkar.
ScoreFast™: A scoring engine to build custom models, with a service to deploy either on-premise or cloud architectures.
Quote: “The ScoreFast engine offers significant improvement in model-to-market times for scoring, thus shortening the processing times for bringing insurance solutions to market. Furthermore, ScoreData teams assisted by ScoreFast™ are standing by to help you build the most effective Claim and Risk solutions for the market”
Location: Palo Alto, CA