Labs Domain Labs Insurance
Insurance
Data and Text Analytics ToolSolution Overview:Data and text analytics tools are useful in performing text analytics (i.e. extracting useful knowledge from text documents) and data analytics (i.e. extracting subtle and useful patterns from structured data). This involves the use of mathematical and statistical techniques, natural language processing techniques, and semantic analysis to solve analytical problems in varied domains. These techniques, in the context of Insurance, can be used to analyze the customer behavior, identify suspicious claims, help underwriters price the policies, predict claims cost, etc. Besides these advanced areas, analytics can also be used in operational and tactical areas to gain operational efficiencies. Business Challenges:Insurance companies collect and store massive data (both structured – i.e. numeric and unstructured – i.e. text) pertaining to their customers, transactions, as well as their own operations and financial parameters. For example, over 80% of most of the claims documents is text. These data sources contain valuable information about the organization and without the use of data and text analytics tools, Insurers will find it difficult and challenging to analyze the large data repositories and extract meaningful insights that enable them to make more informed, proactive and knowledge-driven decisions. Business Benefits
To know more about the Data and Text Analytics Tool, refer resource section.
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