Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Accenture Life & Annuity Software - Use Cases

469 views

Published on

Our data science experts can customize a use case and advanced models for you. Learn more https://accntu.re/2oBFf3Z

Published in: Technology

Comments are closed

  • Be the first to comment

  • Be the first to like this

Accenture Life & Annuity Software - Use Cases

  1. 1. ACCENTURE LIFE & ANNUITY ANALYTICS USE CASES
  2. 2. Copyright © 2019 Accenture. All rights reserved. CLIENT AND AGENT BEHAVIOR • Applying the model on Active contracts predicts which ones have a high probability of surrendering • Various customer retention programs can be implemented to address the largest probabilities Surrender Prediction Results – Sample Insights Insurer XYZ wants to conduct a marketing campaign to reduce potential surrenders. Accenture Life & Annuity Analytics Agent and Customer Behavior Surrender Prediction Results shows the active contracts with the highest probability of surrendering. There is also a complementary dashboard that predicts the timing of the surrender. Insurer XYZ can use these insights to target the marketing campaign to the right policy holders at the right time.
  3. 3. Copyright © 2019 Accenture. All rights reserved. NEW BUSINESS AND UNDERWRITING NB/UW Requirement Analysis – Sample Insights • Analyze which requirements take longer than others Insurer XYZ is working to rationalize New Business and Underwriting vendors and keep the vendors with the best performance and pricing. Accenture Life & Annuity Analytics New Business and Underwriting Requirements Analysis shows the drill down of all requirements timing, who ordered them and what vendor provided them. Insurer XYZ can use the insights to negotiate better SLA terms with Vendor B or just drop that vendor and focus on Vendor A.
  4. 4. Copyright © 2019 Accenture. All rights reserved. NEW BUSINESS AND UNDERWRITING NB/UW Requirement Analysis – Sample Insights • Drill down one level, by Paramedic requirement, we get to the Ordered By view which shows that agent ordered takes longer than system ordered. Improvement opportunity to review the agent requirement ordering process • Drill down a second level, by Agent Ordered, we get to the Vendor view which shows that one vendor is significantly slower than the other. Improvement opportunity to negotiate with UW vendors
  5. 5. Copyright © 2019 Accenture. All rights reserved. PRODUCT AND MARKET Market Potential – Sample Insights • Selecting California we see that the market potential is double the market for the Carrier and in the past 4 years the market has grown 16.5% while the Carrier has shrank almost 19%. This would indicate the Carrier is well behind the market and should target additional sales efforts in California. Insurer XYZ is planning its marketing budget and wants to allocate money to the region where the greatest opportunity exists. Accenture Life & Annuity Analytics Product and Market, Market Potential Results indicate that California has the most potential and the carrier there is underperforming, while spending in Louisiana is exceeding the market’s growth potential. Insurer XYZ can redirect funds from Louisiana to California. This use case combines external vendor market data with ALIP data to better inform the insurer’s market strategy.
  6. 6. Copyright © 2019 Accenture. All rights reserved. PRODUCT AND MARKET Market Potential – Sample Insights • Selecting Louisiana we see that the market potential is aligned with the Carrier but in the past 4 years the market has grown just 1/5 of the Carrier. This would indicate the Carrier is spending significantly more efforts than the market to grow in Louisiana.

×