Implement state-of-the-art technology into your business and gain a significant competitive advantage. Advanced data analytics enhance your scoring system and allow you to assess risk with the maximum degree of accuracy in the face of information scarcity.
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The Challenge
Inefficient Underwriting and Pricing Policies
There is insufficient and unverifiable data on each customer. It makes it impossible to derive accurate 360-degree profiles which can be used to set prices.
Ineffective Targeted Marketing
Targeting broad customer segments increases marketing costs and hinders reaching campaign goals such as acquiring new customers.
Lack of Personalized Offers
It is impossible to offer clients the most suitable products and services without sufficient knowledge. It ultimately decreases the potential revenue.
Lack of Innovation
Insufficient use of recent technological advancements in the insurance industry slows the pace of improvements.
No-Risk Mitigation
Insurers cannot warn customers of damage risks without the various types of data, such as pre-existing weather forecasts or historical weather patterns, and therefore minimize insurance claims.
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The Solution
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Braight technologies has built a behavioral scoring that leverages external and internal databases to perform complex analyses and predict the future behavior of each customer.
Multi-criteria analysis is done through artificial intelligence. It classifies data into clusters and identifies individual traits, future behavior, and risk factors with the highest accuracy.
The results are presented in user-friendly dashboards and allow for immediate improvements in key metrics.
This tool allows for a fully automated process of assessing the risk related to each customer and for more effective targeting through tailored offers and promotions.
The Result
MITIGATING RISK
Through data enrichment and advanced analytics
EVALUATION OF EACH CUSTOMER
And creating 360-degree profiles
INCREASED PROFITS
By better adjusted risk-based pricing
EFFECTIVE MARKETING
Through personalized offers and targetted audiences