Insurance companies are now rapidly undergoing a digital transformation. With digitization, a wider range of information is available to the insurers. Data science helps insurance companies to put these data to efficient use to drive more business and refine their product offerings. To read the complete article, visit: https://nuvento.com/blog/data-science-use-cases-in-insurance-industry/

1. HOW DOES INSURANCE
INDUSTRY USE DATA SCIENCE?

2. Fraud Detection
Fraudulent and suspicious behaviour
patterns are mapped to detect
insurance frauds.

3. Pricing Optimization
Quote premiums dynamically based
on customers price sensitivity.

4. Customer Segmentation
Segment customers in to different
groups after identifying similarities in
their behaviour, financial assets or
personal information.

5. Personalized Product
Development
Provide detailed insights about product
features and pricings that a customer
segment finds appealing.

6. Policy Recommendation
Engines
Spot the preferences and
peculiarities in a customer’s choices
from their account activity and
instantly recommend personalized
products.

7. Risk Assessment
Analyse the policy documents of
a customer and identify the
optimal premium amount and
coverage amount that can be
proposed for that policy.

8. Claim Segmentation
and Triage Analysis
Speed up low complex claims
processing and assign complex
claims to a suitable adjuster based
on complexity score.

9. Thank You
For more visit our blog:https://nuvento.com/blog/data-science-use-cases-in-
insurance-industry/