Quickly, easily test and verify hypotheses, across a holistic view of all your data
Although application of analytical tools in the insurance industry has been common for years, most organizations still lack the desired holistic approach, and a unified view of all data. In addition, many organizations would prefer to eliminate the limitations of analyzing only one issue at a time (e.g., customer segmentation in the sale of life products, or fraud detection in auto insurance claims). It’s time for an analytical tool to take into account the fact that business activities in insurance companies are steady processes where one action results from another.
- Get holistic, interactive view of all data owned, plus data from external sources
- Quickly prototype an analysis ,
- Instantlycreate and test hypotheses, even if the data is complex
- Instantly connect, analyze and explore dispersed data from many sources, without any programming knowledge or SQL queries
- Ask ad-hoc questions – users do not have to know what questions to ask and what sources to use, they can simply verify new assumptions by moving on to new sources and queries
- Get fast results! DataWalk is an advanced, fully functional, analytical environment that can start generating results in days! – find out more!
With the DataWalk platform, complex hypotheses can instantly be created and tested on the basis of a holistic view of all data.
DataWalk provides a unified, interactive view of all your data, including the data you own, as well as data you may obtain from external sources. The system enables users to identify new relationships, ask questions, and make and test any hypotheses on the fly. DataWalk’s sophisticated connections capabilities enable you to connect distant sources with no direct connections, and can easily connect new external data sources (for example, from mobile applications, IoT, weather services, or a file with suspicious VIN numbers from the police).
In DataWalk you do not need to have any programming knowledge to build and extend the analytical environment, so you can make decisions on your own regarding the choice of data and the context of analysis.
DataWalk in Insurance: Examples
Detecting malpractice and irregularities
Thanks to a holistic view of all data, DataWalk allows identification of suspicious behaviors and connections between people involved in the process of policy sales, and compensation payment (clients, employees and external partners). A clear, interactive interface enables users to identify alarming connections between data sets much faster than traditional tools, and to then easily move on to a detailed investigation on link charts or maps. In this way, fraudulent activities, though changeable, can be tracked, which is especially important in the crucial moment when new products are introduced to the market.
With DataWalk, you can test and build hypotheses freely, asking and answering questions on the basis of an iterative observation that resembles mind-mapping. Arriving at the final conclusion is fast and the result may be far from the starting point.
Data search results can be used further to create expert rules. These can be sequences of suspicious incidents and circumstances which can be checked in details on link charts (for example, people connected by the same phone number) or maps (cars from suspicious incidents always going to the same garage hundreds of kilometers away). After verification, an expert rule can easily be created or changed.
Not only does DataWalk allow you to quickly and easily create alert rules about about suspicious conditions for malpractice, it also provides an interactive analytical space for fast, broad ad-hoc analyses that enable quick decisions for rejecting or blocking a compensation payment.
Loss adjustment analyticsThe DataWalk platform is a tool which allows flexible definition and verification of Key Performance Indicators (KPIs) at minimal costs, and in an extremely short time. With this, operational processes can be systematically adjusted to changing conditions, including changing behavior of clients, agents and adjusters. With a flexible approach to building performance indicators, and enabling all data to be included, DataWalk allows you to identify agents:
- whose policies generate alarmingly high losses
- who are aggrieved parties in potentially fraudulent incidents
- who have loss instances shortly after buying a policy, or just before its expiry date.
DataWalk enables exploration of the sales process from the end to end. Agents and brokers can be analyzed in the context of irregularities in the sales process (e.g., risky sales) and loss adjustment. These analyses can quickly indicate irregularities not only with reference to a low profitability of a given salesman, but also in the context of investigation into organized crime groups inappropriately receiving compensation
Examples of suspicious sales activities:
- have had at least one active policy for half a year
- have not signed more than 200 vehicle insurance policies within the last two years
- the average AC (fully comprehensive) loss exceeds $5000