Voxco Intelligence for Insurance
Improve customer delivery, drive innovation, and reduce risk/fraud
The insurance industry is witnessing new standards of customer expectations. There is also an emerging need for processes to help keep insurance frauds at bay that are estimated at over $40 billion dollars per year.
The good part is that insurance companies experience huge volumes of data inflow which they can use to generate predictive insights and take the right actions at the right time with Voxco Intelligence.
Voxco Intelligence integrates all customer data including KYC images, bank statements, bureau PDFs, SMS, and other alternate data using AI-powered analytics, to identify the information needed to effectively address key business challenges and realize a number of business benefits.
✅ Automate underwriting
✅ Predict persistence
✅ Improve customer delivery
✅ Reduce claims and application fraud
The Buyer’s Guide to Experience Management Platform
Risk Analytics- Our Approach & Key Differentiators
Leverage the power of alternate data
- Text- Caller notes, address data, semantic data, scanned bank statements
- Image- OCR of scanned docs, logos and possible fraud, item detection in image
- App data- location, apps in the phone, others
- Granular cards transaction data
Leverage machine learning to enhance predictive power
- Guard against over-fitting
- LIME and Shapley values for making machine learning explainable to business users and provide reasons for having lower (or higher) score
- Ongoing validation and automated recalibration
Optimize risk, revenue and operational constraints
- Price optimization taking into account response, risk and revenue potential
- Initial loan and line optimization
- Line increase (or top- up) optimization taking into account risk, revenue and tipping
- Collection treatment optimization
Build strategies on top of models
- Create strategy rules and trees that uses model prediction and other factors to identify the action at each node
- Action effect models for various collection strategies and line increase strategies
Take action with confidence
Uncover hidden patterns in consumer behavior to reveal competitive insights and get breakthrough model performance compliant with industry regulations.
Reach data that you can trust
Leverage data from all data sources including KYC images, bank statements, bureau PDFs, SMS, and other alternate data.
Resolve urgent and tough questions
Put experts, data lake, and predictive analytics to work for you.
Accelerate your speed to market
Access dynamic, competitive market, and consumer credit insights to find market opportunities.
Drive the best decisions
Collaborate with data scientists to get insights tailored to your needs.
Customer engagement strategies to boost loyalty
Address business challenges and implement a digital vision to transform insurance business
- Data Integration – Structured and unstructured data
- Migration from Operational Data Store to Data Lake
- Customer 360
- Predictive analytics
- NPS dashboard
- Unique customer and master data management
- Claims, and application fraud
Voxco Intelligence can help you identify the right process to automate, create a case, and get you started.