Insurance Claims are Fraudulent, Costing USD 80 Bn to Insurance Providers Globally
Customers do not rate the trustworthiness of their insurance provider highly
Policies Lapse within the First 3 Years and further 40% Lapse within the First 3 Years
MECBot Embeds Augmented Analytics Capability into the DNA of Insurance Providers
MECBot automates complete data preparation, orchestration, and unification from diverse and disparate sources at scale, and then converts it into a single, smart enterprise graph of business-critical insights.
With MECBot, you can leverage:
- hidden revenue opportunities unraveled from your enterprise data – both external and internal
- time-bound, actionable insights on insurance risk concentration and mitigation strategies
- real-time, evidence-based triggers for early identification of insurance frauds, exceptions & anomalies
Strategic Growth & Profitability
Data-Driven Product Strategy
Effortless Risk Management
Fraud Detection, Control & Management
Reduced Legal & Complaince Burden
Comprehensive Stakeholder Integration
Strategic Growth & Profitability in Insurance Using MECBot
Recommendation Engine for Next-to-Buy Products – Cross-sell & Up-sell
Personalized Promotional Campaigns
Increased Loyalty, NPS, and Customer Lifetime Value (CLV)
Customer 360º, Intelligent Micro-Segmentation
Differentiated Customer Experience
Larger Share of Customer’s Wallet
Data-Driven Product Strategy Across Multiple Insurance Verticals
- Product Strategy for verticals like Life Insurance, Auto Insurance, Health Insurance, Property Insurance and others
Product Mix & Bundling
Performance & Profitability
Need-based Product Development
Time-bound, Actionable Insights at Scale for Effortless Risk Management in Insurance
Integration of Third Party Databases for Dynamic Risk Assessment
Claims Optimization, Leakage Control & Reduced Cost-to-Serve
Accurate Risk-based Pricing by Underwriters
Stress Testing, Liabilities Valuation, Reinsurance Strategy
Identify Coverage Gaps in Customers Segments Early on
Comprehensive Lapsation Model from Multivariate Data
MECBot for Insurance
Identification of the most popular policies is done from unstructured data from chats, emails & voice calls when agents respond online to customers
Insights from text data that is derived from voice data as generated by customer service agents using smart text analytics
Top policies mentioned in the overall conversation data are then clustered by time, top trends and ngrams
MECBot has performed advanced text analysis for a leading platform that performs online comparison of insurance policies
MECBot’s Augmented Data Fabric Enables Smart Data Discovery for Insurance
MECBot’s Augmented Data Fabric Enables Smart Data Discovery for Insurance
Insights
