Banking, Financial Services and Insurance
Banking and financial services firms are tasked with managing the rapid evolution in business models to meet the needs of today’s digital consumer while ensuring structure regulatory compliance and managing risk, security and customer privacy at every stage.
Our advanced analytics solutions help banks and financial firms to support consumer and commercial portfolios as well as traditional banking lines of business. Our expertise includes marketing and risk data analytics solutions offering strategic consulting services.
We help financial services companies to acquire, engage and retain profitable customers by applying our advanced analytics capabilities tailored to each business need.
Our financial services analytics have been adopting across four broad functional areas of:
- Customer Relationships & marketing
- Profitability & Growth
- Asset/Liability Management
We deliver fraud identification and analysis techniques that have been developed for Financial/Insurance transactions.
Potential situations include:
- Covering-up for a situation that wasn’t covered under insurance (e.g. drunk driving, performing risky acts, illegal activities etc.)
- Misrepresenting the context of the incident: This could include transferring the blame to incidents where the insured party is to blame, failure to take agreed-upon safety measures
- Inflating the impact of the incident: Increasing the estimate of loss incurred either through the addition of unrelated losses (faking losses) or attributing increased cost to the losses
Analytics is emerging as a potent tool for insurers to make more accurate decisions, improving core-insurance processes such as underwriting risk, pricing, and fraud detection, and also helping insurers in customer selection, targeted marketing, and customer retention.
Our data analytics solutions empower insurers to leverage data from across the organization, eliminating application boundaries and silos. This helps fully unleash the power of analytics to drive competitive advantage and business benefits.
Greatest and most game-changing source of revenue is customer renewals. Renewals are run by distracted new-business reps or untrained non-sales staff.
- Churn Analysis
- Manage renewals effectively
- Customer Lifetime Value
Customer Loyalty Analysis will look at all factors driving conversion and retention for each of your customer groups to determine the optimal approach to target and drive loyalty for each customer segment.
- Understand and engage your customers
- Customer Segmentation
Analyze and benchmark your claims data, model potential plan designs, estimate renewal costs and enhance employee decision-making.
- Cost Analysis
- Fraud Detection
- Manage Outlier Claims
Understanding what users are doing with your product, the first step is instrumenting it with analytics.
- Policy Pricing on Performance
- Forecast performance in budgets and product demand
Marketing Analysis helps to understand data on your market, customers, competitors, trends, and opportunities.
- Target potential clients
- Identify purchasing behavior Relevance
Service Center Analytics
Service Center Analytics has ability to measure various performance indicators like agent quality, customer satisfaction, emotion, compliance risk.
- Sentiment Analysis
- Agent Scoring
- Topic Mining