Loss Ratio Management / Sales / Portfolio Optimization
To minimize risks and maximize returns.
One of the largest insurance companies wanted a consolidated view of the business to align different groups like Underwriters, Sales, Pricing etc to the realities on the ground, give them an alert mechanism where the performance is not good enough, identify areas of improvement and creating a focused plan of action, display performance trends at various levels, track the root cause for performance drop with multiple drill downs and move from a macro business view to a micro individual view.
We identified the bottom Performers and created an optimal plan for the next six months. We then created a Portfolio Level Risk Quality Score to each customer level drill down and applied pre and post-modeling techniques like Risk Quality Model, Visual and Programming Interfaces, GLM and ML Methodologies, Portfolio Optimization, Renewal Pricing Optimization etc.
The client could now see a consolidated view of performance which impacted efficiency. The implemented solution helped reduce number of claims and improve performance by creating a focused sales plan of action using ML algorithm. The reduction in number of claims led to huge cost saving for the client.