Insurance companies are now rapidly undergoing a digital transformation. With insurance digital transformation, a wider range of information is available to the insurers.

1. www.nuvento.com
HOW DOES INSURANCE
INDUSTRY USE DATA
SCIENCE?

2. Fraud Detection
Fraudulent and suspicious behaviour
patterns are mapped to detect
insurance frauds.

3. Pricing
Optimization
Quote premiums dynamically based on
customers price sensitivity.

4. Customer
Segmentation
Segment customers in to different
groups after identifying similarities in
their behaviour, financial assets or
personal information.

5. Personalized Product
Development
Provide detailed insights about product
features and pricings that a customer
segment finds appealing.

6. Policy
Recommendation
Engines
Spot the preferences and peculiarities
in a customer’s choices from their
account activity and instantly
recommend personalized products.

7. Risk Assessment
Analyse the policy documents of a
customer and identify the optimal
premium amount and coverage amount
that can be proposed for that policy.

8. Claim
Segmentation and
Triage Analysis
Speed up low complex claims processing
and assign complex claims to a suitable
adjuster based on complexity score.

9. Thank You
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For more details visit our blog: https://nuvento.com/blog/data-science-use-
cases-in-insurance-industry