The insurance industry is a data rich environment.
Some financial gains can be identified from small sets of data while improvements in fraud detection often needs terabyte datasets. New techniques can be used such as natural language processing and geographical mapping.
Avalon Analytics services can:
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- Identify events based sales opportunities
- Identify sales opportunities by natural language processing of text from phone conversations
- Improve fraudulent claim identification via data mining, natural language processing and geographical mapping
- Train actuarial staff to use analytics technologies
- Improve expense forecasting
Example: The death spiral of health insurance.