 |
|---|
ARC Predictive Analytics
Why Use ARC Predictive Analytics
ARC Predictive Analytics brings together business, mathematical and IT disciplines to assist insurers and reinsurers in actuarial and operational modernization. Using ARC Predictive Analytics enables companies to
-
Increase revenue
-
Decrease expenses
-
Reduce risk
The insight gained by the application of predictive analytics allows companies to respond to the rapidly changing dynamics of the business.
Predictive analytics should be approached as a strategic competency to be used throughout the company’s operation. Organizations who adopt analytics-based decision making early tend to prosper, while latecomers tend to suffer.
Predictive Analytics Applications
ARC Predictive Analytics introduces scientific rigor to the decision-making process, using empirical data as evidence to validate or supplant “conventional wisdom”. By using these techniques, relationships and trends not previously noticed can be detected, and management responses can be evaluated.
ARC can assist your company across the organization, with expertise in the key disciplines necessary to effectively integrate predictive analytics into the organization:
-
Data collection , management and organization
-
Specifying, evaluating and interpreting the mathematical models
-
Understanding the implications of the findings from the perspective of the business, and communicating what we find
-
Translating model results into recommendations and assessments of expected results
Benefits of Using Predictive Analytics
ARC Predictive Analytics can be used throughout the organization:
-
Marketing and customer analytics – policyholder retention analysis, identifying demand, distribution and campaign efficacy, additional sales opportunity among existing customers
-
Underwriting – automated or streamlined response, precise risk classification
-
Claims – fraud detection, forecasting
-
Operational – workforce optimization, illness/disability forecasting
-
Actuarial – improving pricing assumptions and understanding dynamics of business
Next Steps
For more information, contact:
