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Introduction
The General Insurance Limited offers non-life general insurance products. The insurance company offers simplified general insurance products to all the customers. They aim at keeping the whole insurance process - from buying to registering claims - easier and hassle-free.
Challenges
Insurance industry is a high-risk sector. Navigating through tricky claims procedures, pricing and promotion, mitigating risks, cash repression, natural perils, ensuring compliance are some of the toughest problems that pose the industry.Like most of the insurance companies, our client too was dependent on data to drive their decisions. Analyzing this pile of data and driving a fruitful outcome was getting complicated for the company due to traditional methods of data integration. The Major risk involving areas that needed a modern-day analytical application were the following:
- Detection of Fraudulent Claims – identifying the fraudulent claims that contribute to considerable losses every year.
- Detecting And Mitigating Risk in Real-Time - The nature of business in the insurance industry involves high risk and detecting these threats needs to be near-real-time
- Personalizing Marketing Strategies and Targeting Specific Customer Groups – engaging customers and communicating with them effectively
- Adapting to Customer Behavior – Customers change and understanding the change can help in responding effectively to reduce churn
- Lifetime Value Prediction – forecasting the customer value over the lifetime can help in effective choice of the target segments
Company Profile
Industry:
Insurance and Financial services
About Qlik
Industry:
Qlik is a leader in data discovery delivering intuitive solutions for self-service data visualization and guided analytics. Over 34,000 customers rely on Qlik solutions to gain meaning out of information from varied sources, exploring the hidden relationships within data that lead to insights that ignite good ideas.
The Solution
- Using Qlik Sense, the insurance company can now analyze data in a more structured way to arrive at specific conditions that predict the possibility of claims being fake or any other kind of fraudulent activity.
- The Insurance firm is now able to obtain the minutest details and can accurately assess the behavioral data of the customers. Qlik’s platform helped in gathering insights from an ever-expanding data set coming in from multiple sources with details such as demographic data, preferences, attitude, lifestyle details, interests, belief systems among many others.
- The Insurance firm is now able to obtain the minutest details and can accurately assess the behavioral data of the customers. Qlik’s platform helped in gathering insights from an ever-expanding data set coming in from multiple sources with details such as demographic data, preferences, attitude, lifestyle details, interests, belief systems among many others.
- The users of the Qlik platform are monitoring the customer behavior at every step to provide a comprehensive assessment of their actions and hence, mitigating the risks involved. The company is successfully tracking the team member performances, highest performing offices, highest selling policies, highest performing cities and region, performance reports of third-party agents and independent agents.
- This kind of coherent analytics propelled some of the most complex processes involved in building financial models that have a large number of variables affecting the outcome. Forecasting the prospective claims have become easier to further develop a competitive and optimum pricing model. Algorithms are developed to recognize vast numbers of variables that are essential to build customer portfolio and contributing towards the growth of the company.
- What was a challenge now turned into an opportunity.
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