ScoreFast for Insurance

Real-time modeling that improves underwriting and claims management

Industry Challenges

Customer Engagement

Understanding customers’ evolving needs and behaviors 

Underwriting

Balancing risk-based granular pricing with premium growth and profitability

Claims

Managing claims-related expenses and preventing fraudulent claims

ScoreFast Solutions

CUSTOMER ANALYTICS

Identify hidden revenue opportunities within your customer base

  • Customer segmentation
  • Customer lifetime value
  • Single customer view
  • Retention and lapse analytics
  • Social media analytics
  • Lead generation and conversion
  • Cross sell/upsell
  • Channel performance
  • Agent selection and matching

UNDERWRITING ANALYTICS

Offer more competitive prices to increase while covering various risks

  • New product pricing
  • Pricing segmentation
  • Leveraging External data sets
  • Fraud propensity
  • Automated underwriting
  • Profitability analytics
  • Underwriting Performance analytics

CLAIMS ANALYTICS

Sift through multiple data sets to uncover complex patterns and take specific actions to improve claims’ outcomes.

  • Adjuster assignment
  • Fraud propensity
  • Loss-padding analytics
  • Claim severity
  • Unstructured data analytics
  • Outliers/anomaly detection
  • Litigation propensity
  • Subrogation analytics

ScoreData Solutions

CUSTOMER ANALYTICS

Customer analytics enables insurers to identify the hidden revenue opportunities within your customer base

  • Customer segmentation
  • Customer lifetime value
  • Single customer view
  • Retention and lapse analytics
  • Social media analytics
  • Lead generation
  • Lead conversion
  • Cross sell/upsell
  • Channel performance
  • Agent selection and matching

UNDERWRITING ANALYTICS

Underwriting analytics enables insurers to offer more competitive prices that ensure profit while managing risk

  • New product pricing
  • Pricing segmentation
  • Leveraging external data sets
  • Fraud propensity
  • Automated underwriting
  • Profitability analytics
  • Underwriting performance analytics

CLAIMS ANALYTICS

Claims analytics enables sifting through multiple data sets to uncover complex patterns and then take specific actions to improve claims’ outcomes.

  • Adjuster assignment
  • Fraud propensity
  • Loss-padding analytics
  • Claim severity
  • Unstructured data analytics
  • Outliers/anomaly detection
  • Litigation propensity
  • Subrogation analytics

ScoreFast Approach

Data ingestion and audit

Ingest diverse sources of data (policies, claims, IoT sensors, regulatory, reinsurance, other 3rd party datasets).

Algorithm selection and deployment

Efficient and iterative modeling, validation, and decision making. For example, an insurance fraud analytics problem requires building a model to identify data anomalies, predict fraud propensity, and analyze model outcomes.

Model management and updates

Models need to evolve and improve. For example, underwriting and claims models need constant refinement as more data about customers, policies and claims become available. ScoreFast facilitates model refinement, maintenance, and cross-team collaboration via tracking, access control and sharing, and version control

ScoreFast™ Approach

Data ingestion and audit

Ingest diverse sources of data (policies, claims, IoT sensors, regulatory, reinsurance, other 3rd party datasets).

Algorithm selection and deployment

ScoreFast™ enables an efficient and iterative approach for model building, validation, and decision making. For example, an insurance fraud analytics problem requires building a model to identify the data anomalies, and to predict the fraud propensity, and analyzing the model outcomes.

Model management and updates

The models need to be evolved and improved over time. For example, underwriting and claims model need constant refinement as more data about customer, policies and claims becomes available. ScoreFast™ facilitates the model refinement process, model maintenance and cross-team collaboration via model tracking, access control and sharing, and version control.

Customer Success

Fidelity Guaranty Life: Insurance Customers and Agents Matching 

Offering life insurance and annuity products, Fidelity Guaranty Life (FGL) wanted to improve the KPIs of their customer contact center: Average Handling Time, First-call Resolution, and Net Promoter Score (NPS). Using ScoreFast for smart routing of customer calls, FGL reduced repeat calls were reduced by 48%, and Average Handling Time by 29%, significantly raising First Call Resolution, NPS and CSAT.

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Resources

Fraud Detection

Increased fraud risk means that policies and claims are reviewed to identify any anomalies. ScoreFast models assist with anomaly detection using deep learning in the pre-investigation stage and then with text analytics of investigation reports. Even a 1% improvement in fraudulent claim detection yields significant ROI.  

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Resources

Fraud Detection

Fraud risk poses a significantly big challenge for the insurance sector. The increasing degree of fraud risk necessitates that the policies and claims are reviewed to identify any anomalies and o identify the fraud propensity. ScoreFast™ enables building the machine learning based models that can be used at the pre-investigation and post-investigation stages.

In view of the significant financial amounts exposed to the potential fraud risk, even a 1% improvement in the detection of fraudulent claims can generate a significant ROI for the client. ScoreData approach for fraud detection includes anomaly detection using deep learning at the pre-investigation stage, and text analytics on the Investigation Reports.

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