Identifying and building value through advanced data analysis
Today’s insurance businesses are data ravenous. They have to be. At Healix we have always seen data and the insights it can provide as key to a successful business model. We have accumulated a vast amount of risk data and developed the tools and skills to understand our products and our clients so that we can deliver the small gains they need to make big wins in a competitive market.
Through our advanced analytics, we develop a deeper understanding of consumer behaviour, and use increasingly sophisticated techniques to help our clients and support insurers price risks more accurately. Through analytics, we are able to migrate insurance models away from outdated traditional underwriting methods and enhance stakeholder value and customer outcomes.
Big data is not easy and requires a comprehensive, strategic approach to each project. We have a 5 step analytical process that places data at the very heart of our clients’ business:
Phase 1 – Purpose driven data
Establish key drivers for increased revenue, better margins or lower costs. Identify the core data elements that will support the required insight.
Phase 2 – Data set……big isn’t always beautiful
Gather the relevant internal and external data sets to support the insight and required modelling.
Phase 3 – Discovery
Using internal and external resources, including machine learning and specialist actuarial input, we dive deep into the data. True value is always at the margins and hard to find. We look right into the corners.
Phase 4 – Engagement to change
Transferring value from data discovery to your business is where we come into our own. Our product and supply chain expertise allows us to realise the gains. Real value in real time.
Phase 5 – Realise and review
Interacting with clients’ change management processes, we implement change at express speed. Product and process realignment, supplier engagement and regulatory compliance are all engineered by design to get improvements to market right and on time. We don’t stop there. We are with you all the way through to ongoing data review and feedback into the loop.
For more information, contact us at firstname.lastname@example.org