In Insurance industry the insurer, sells the insurance to the insured for a premium, the premium being the amount of money charged for the insurance coverage. Predictive analytics is used in appraising and controlling risk in underwriting, pricing, rating, claims, marketing and reserving in Insurance sector. According to the published marketing studies, predictive analytics is used in many of the large insurance companies in the areas of underwriting, claims and marketing.
Underwriting: In underwriting the business model is to collect more in premium and investment income than is paid out in losses. This need to be [...]
The Oil & Gas sector employees large number of Analysts. They are the early movers in the Analytics segment. These business work in the process of exploration, extraction, refining, transporting of oil and gas by oil tankers and pipelines, and marketing of petroleum products. Analytics is used in predictive maintenance, forecasting, analysis, energy trading, buy/sell, trade off, risk management and optimization. The Oil & Gas industry is divided in to divisions which are the upstream, downstream and midstream. Predictive Analytics is used in optimizations for upstream, downstream and midstream business process.
Predictive analytics helps organizations use their data to make better decisions. This is done by arriving at reliable, data driven logical conclusions about the current and future events. This is achieved by using a variety of data mining, statistical, game theory, machine learning techniques to make the predictions. Predictive analytics enables the organisations customer focused finding their business issues proactively in real time and addressing them at the right time to get the best outcomes. Application of Predictive Analytics solutions in the banking industry include, Cross Sell and Upsell, Customer Retention, Segmentation, Application, Fraud [...]