Chosen Sub-vertical: P&C Insurance

Canvas of P&C insurance analytics use-cases for

Drivers for analytics adoption in P&C insurance space
the areas we have chosen
1a. Increasing frequency and Insurance segments with
severity of natural catastrophes significant use of analytics

1. Declining profitability Actuarial and

Claims Marketing and
1b. Increasing fraud losses underwriting customer acquisition

1c. Weak investment returns Premium principles and risk FNOL alertreporting Single customer view

descriptive analytics
and low interest rates measurement dashboard Claims dashboards dashboards

Reporting and
Annual/semi-annual / quarterly Claims satisfaction Campaign mgmt dashboards
reserve analysis dashboards
Actuarial reserve report, Litigation management
2a. Value chain digitization incorporating individual case
reserve adequacy drilldowns
Drivers of analytics in 2. Sustaining competitive Product price optimization
insurance advantage 2b. Pricing pressure Confidence level analysis

2c. Talent crunch Severity scoring model for

Dynamic solvency testing
claims Customer lifetime value

prescriptive analytics
Stress-testing insurance
product portfolios Subrogation model Omni-channel customer

Predictive and
3a. New regulatory requirements Capital modeling
3. Compliance and risk Loss distribution modeling
Algorithm-based actuary
management
3b. Risk of entering new markets modeling
and launching new products
Long-term horizon models
Monte Carlo Simulation runs
Stochastic models
Catastrophe modeling
Litigation propensity experience
prediction model Social media analytics
Claim severity projections Customer segmentation
Modelling reserve Personalized marketing
requirements
Outlier claims modeling
Fraud detection and analytics
FNOL-based analytics

Source: Hexaware research

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