Risk

Identify known and unknown risk, track customer behaviour to detect anomalies and reduce risk.

Insurance company is exposed to many risks. Thus, risk management is highly critical for the success of any insurance company as it directly affects the bottom line. Environment changes and calamities have forced insurance companies to reconsider their products and offerings and to better manage their assets and liabilities. it’s imperative for insurance companies to improve their financial risk management processes to withstand unforeseen calamities. On the other hand, there is an incessant growth in the number of fraudulent claims as more and more groups are sprouting with malicious intent.

EzDataMunch provides pre-built risk analytics dashboards that is a part of insurance analytics solutions. These dashboards help insurance companies to have a deeper and real-time knowledge of the risk. Risk pertaining to accounts, products and more can be viewed. These reports can be used to better understand existing business rules, identify risks, track frauds and maintain profitable asset management mechanism.

Risk Analysis

A study proves that 10 % of claims are fraud. Organized crimes in this area is increasing at an alarming rate. There are many other risks faced by insurance companies at the same time. And, they have to abide by stringent regulatory rules to provide transparency to customers.

 

With EzdataMunch’s risk analysis dashboards users can:

  • Get detailed overview of the risk. The risk information presented in pie charts is defined by various business rules of the company.
  • These pie charts showcases various business rules and pass / fail ratio pertaining to every rule.
  • Risk management has the option to have a comprehensive drilled down report that shows risk involved at various phases. This report is highly interactive and easy to understand.
  • The dashboard consists of failing and passing rows. These rows represents risk involved at multiple touch points of insurance life cycle. These touch points can start from application filing to claims disbursement.
  • Pie chart consists the distribution of failing rows as per the entities. This report also gives metadata information that describes the entity in details and presents the dollar value of failing rows.

What If Analysis

The level of risk keeps on changing with time and other factors. Risk management always look for ways to reduce risk by predicting it. They need a robust tool that can help them analyze risk at every event or touch point and minimize it make informed decisions.

 

With EzDataMunch’s what if analysis dashboard users can:

  • Create various scenarios to test the risk at by gauging the impact of minor changes.
  • Scenarios can be created by combining the factors like business rules, customers, claims, accounts, products and more.

Business Rules

An insurance company is as good or secured as its business rules. A business rule provides a platform for insurance companies to act upon and defines risk appetite. Business rules also provide safety net to insurance companies from fraud claims and helps in improving bottom line. Thus it’s imperative to have real time insight in the insurance operations and to ensure that these operations are synchronized with business rules.

 

EzDataMunche’s insurance analytics dashboard can help decision makers to:

  • Analyze business rules by providing a comprehensive set of dashboards that comprises all the business rules made by the company.
  • Define categories of business rules such as Entity business rules, attribute business rules, context business rules and content business rules. Each business rules showcases different phase or aspect of insurance life cycle.
  • Analyze every set of business rules in details. Here the entity business rules dashboard gives insight in to the failed and passed rules in pie chart format and rows format. Also, the metadata gives deeper information about every entity at individual level.
  • Key elements like passed and failed ratio can be seen. Also quality score can be measured as per the performance of entities. Similarly other business rules gives details about the factors they encompass in a simple fashion.

Blogs

How your Business can Benefit from Artificial Intelligence

In business, artificial intelligence is playing an important role in maximizing the success rate in the business industry. Artificial intelligence has given humans a new approach to create a new environment in the world of computing. Digital technologies have replaced...
Read More

Introduction to Amazon Sagemaker and know how it works

Machine learning has been developed over the years and brings many discoveries and inventions to us. It is the ability to increase the strength and effectiveness of a business, so many companies today rely on machine learning. Amazon introduced the SageMaker solution...
Read More

How Predictive Analytics Can Transform your Business Insights

Predictive analytics has opened a new door for the organization to see business opportunities.  It offers a new and effective way to look into the future permitting entrepreneurs to improve the business process, improve marketing strategies. The predictive can act as...
Read More

Helpdesk and Service Desk KPIs to Measure Performance

In this competitive business world, many businesses need support to solve their business problem and it becomes necessary to measure the effectiveness of your service desk in areas that are efficient, effectiveness and customer satisfaction. Helpdesk and service desk...
Read More

Unlocking the potential of better data science workflow

Today everyone knows the possibilities of data science in the business environment. Many organizations are opening their doors to big data and unlocking its power with increasing value to a data scientist who knows how to manipulate actionable insights from gigabytes...
Read More

The best data modeling tools to build complex data models

Data is considered the most essential factor for business growth. Business today relies solely on data to make decisions. However, to know the exact value of a company, the data must be optimized so that it presents a clear insight into the business. The flow of...
Read More

How to manage a data science project for successful delivery

Demand for data science projects is achieving a breakthrough in business. Many practitioners believe that data science is serving their business efficiently. But many data science projects fail due to improper workflow while providing services to the customer. The...
Read More

How to write a smart data report for your business performance

Data reporting has always been helpful to the business. It is important to write a data report that will effectively communicate the subject matter to busy executives who only have a few minutes to go through your report. Data reporting allows users to view data in a...
Read More

Real Time Data Analytics – Discover Business Insights faster

Business growth is always based on data. Data plays a very important role in analytics if you want to make the right decision. The modern business market is a data-driven environment. The biggest advantage of data-driven is to empower business leaders to make a...
Read More

What is Cloud Computing – How Cloud Computing Works?

Today, wherever we go, people talk about cloud computing. Cloud computing has gained a top position in this growing technology and promoted information technology as before. Cloud computing has become an ideal way to provide enterprise applications and solutions....
Read More
insurance analytics

Whitepapter

Key KPIs for health insurance analytics.

Events


Up Coming Webinar


Completed Webinars

Share This