Insuranceciooutlook
DataWalk: One-up your fraud detection game

Top 10 Insurance analytics Solution Companies - 2020

Today, one of the significant trends that is permeating the insurance sector is the value of customer-centricity, which is driving the need for more sophisticated data analytics solutions. Today, it is not just about purchasing a policy; it is more about how insurers personalize that experience of financial protection to their customers. Most of the insurers are thinking along the same lines of knowing their customers better and customizing the product to make it more worthwhile.

In this regard, insurance companies are bringing big data analytics into the play. That, coupled with automation, machine learning (ML) and natural language processing (NLP), organizations are now better equipping themselves to gather information and serve customers effectively in terms of policies, claim cycle, as well as the final settlement procedure. For instance, motor insurers are now deploying predictive modeling to determine the driving habits of its consumers. This behavioral data is then being compared to the data collected from other drivers. On the other hand, insurers can use legal data analytics to enhance case assessment, identify trends in litigation, and create winning litigation strategies.

With the data-driven industry aggregating and processing massive amounts of data, the demand for blockchain technology presently holds a mandatory position. To ensure secure client validation, insurers are using distributed ledgers while identifying false approvals and claims. The biggest transition is in the way these technological wonders are being leveraged in the insurance sector. Contrary to the earlier practice of using artificial intelligence and automation in mundane tasks, organizations are currently using them in smarter decision making processes.

At this juncture, there is a wide variety of solution providers entering the industry with a set of advanced and integrated insurance analytics solution offerings. To help companies navigate through the best-of-breed insurance analytics solution providers, Insurance CIO Outlook has compiled a list of “Top 10 Insurance Analytics Solution Providers – 2020.” The enlisted organizations are transforming insurance operations and processes at the intersection of various disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.

We present to you Insurance CIO Outlook’s “Top 10 Insurance Analytics Solution Providers – 2020.”

Top Insurance analytics Solution Companies

Amodo Connected Car platform, Driver Copilot, enables all stakeholders in the automotive ecosystem to better understand how their products and services are being used, thus enabling better cross-sell and up-sell opportunities for businesses and optimized car ownership for drivers.Insurance companies, corporate or shared fleets, car repair shops, road assistance providers and most importantly – drivers, benefit greatly from the driving behavior and car usage data we provide in real time. Advanced data analytics and artificial intelligence make it clear where it need to focus your efforts in order to increase profits and grow

www.amodo.eu

DataWalk addressed one of the core issues of detection and investigation of fraud: how to preempt a scam? The software is compatible with third-party and open source applications, enabling DataWalk’s customers to customize their rules and scores. Combined with machine learning capability of the software, companies can customize their rules and scores as per the needs and requirements of their business. DataWalk is aiming to continue its growth trajectory and has already put in motion its expansion plans in the US and North America. Insurance Fraud will be primary targets along with intelligence on law enforcement

datawalk.com

It helping in developing a radically new approach for collecting and analyzing competitive prices for insurance products. This approach is based on our proprietary analytical methodology intended to analyze insurance quotes collected from brokers and agents. We create insurance shopping panel that is robust and trusted, and that can be used by commercial insurers to make educated decisions regarding their products, marketing efforts, etc. It also develop advanced price recommendation algorithms that, unlike others, do not use non-risk-related factors. Our recommendation engine serves as basis for automation of underwriting decision making process

inprofix.com

Cape Analytics

Cape Analytics

It enable firms that protect and finance our homes and businesses to better understand property risk and condition. Its r team uses computer vision and rigorous data science to unlock the enormous value held in geospatial imagery. Cape Analytics uses deep learning and geospatial imagery to provide instant property intelligence for buildings across the United States. Cape Analytics enables insurers and other property stakeholders to access valuable property attributes at time of underwriting—with the accuracy and detail that traditionally required an on-site inspection, but with the speed and coverage of property record pre-fill

Cloverleaf Analytics

Cloverleaf Analytics

The Cloverleaf Analytics end-to-end insurance BI solution gives our customer access to real-time analytics to discover trends and insights across the entire enterprise, enabling proactive business decisions that would not otherwise be possible. Our customers can jump start their BI solution and realize an immediate ROI using our intuitive interface to access up-to-the-minute trend analysis, 100+ pre-built reports, dashboards, alerts and much more. Every aspect of Cloverleaf Analytics is built specifically for your business. Using standard insurance formulas, terminology and definitions as well as the Acord Reference Framework, you can trust the 500+ insurance KPI’s built into the solution. We also know that not all relevant data is within your four walls, so end-users can define data mashups using internal and external data to provide more context and deeper analysis

CyberCube

CyberCube

Its mission is to deliver the world's leading cyber risk analytics. It helps to enable society to make better decisions about which digital risks to avoid, mitigate or insure as internet-connected technologies change the nature of risk in the 21st century. The combined power of our unique data, multi-disciplinary analytics and cloud based technology helps with insurance placement, underwriting selection and portfolio management optimization.Its deep bench of experts from data science, security, threat intelligence, actuarial science, software engineering and insurance helps the global insurance industry by selecting the best sources of data and curating it into data sets to identify trustworthy early indicators of risks and build a forward-looking view of them

Gallagher Bassett

Gallagher Bassett

Gallagher Bassett is the world’s premier provider of risk and claims management services. In a world where businesses and lives are more globally connected than ever, in a world where the pace of change is ever-accelerating, we stand ready to help organizations and people rise above the challenges of today. And to unlock their best possible tomorrows. The sooner, the better. Today Gallagher Bassett is working around the world. Professional men and women partnering with more than 4800 organizations from every sector of the economy. And managing claims in over 60 countries

Sapiens

Sapiens

Sapiens International Corporation provides software solutions for the insurance industry, with a growing presence in the financial services sector

Tellius

Tellius

Tellius was born to simplify the increasingly complex and manual process of turning data into actionable insights. With massive amounts of data being generated in every business, organizations are spending hours and days waiting for answers to simple questions about business metrics. This inspired the Tellius team to create a new data analytics stack that takes a fundamentally different approach - one that combines the simplicity of search, speed of intelligent automation, and scalability of modern apps, to transform delivery of insights across every enterprise

Verisk Analytics

Verisk Analytics

Verisk (Nasdaq:VRSK) is a leading data analytics company serving customers in insurance, energy and specialized markets, and financial services. We help customers make better decisions with greater precision, efficiency, and discipline. Verisk businesses include ISO, Wood Mackenzie, Verisk Maplecroft, Xactware, AIR Worldwide, Argus, and Verisk 3E. Headquartered in Jersey City, New Jersey, we operate in 30 countries. Its 8,000+ employees contribute their expertise in actuarial science, chemistry and physics, commercial banking and finance, data science and artificial intelligence, economics, engineering, natural resources, predictive analytics, supply chain, and more