Quantifying potential risks in future customers, clients, policies, and premiums can oftentimes feel like a gamble for financial service and insurance companies. In 2021 the insurance industry experienced a $3.8 billion net underwriting loss in property and casualty claims alone, and an 11% increase in loss adjustment expenses.
With financial risks on the rise, many enterprises are turning to the power of artificial intelligence for their risk management needs. A.I. predictive analytic platforms analyze these risks–considering things like credit history, claims history, auto and homeowner records, demographic and geographic, income growth, market conditions, etc–and automate the data collection process. Identify risks before you’re upside down with predictive analytics.
Risk analysts can easily analyze customer behavior with NEMESIS drag-and-drop features. No coding is required in the process. The all-in-one platform offers data cleansing, data modeling, and customizable dashboards. Risk analysts don’t need to go to other platforms to complete the analysis.
What’s more, NEMESIS provides an in-built Case Management System for Risk analysts to take immediate action without leaving the platform.
This case requires the use of historical customer data, including demographic data and behavioral data, such as credit history, claim type, insurer description, policy information, insured person description, claim amount, etc.