Analytics and Actuarial
Generating Insurance Impact
Insurance industry leaders are pushing their organizations to create advanced analytics capabilities, develop valuable customer insights, and transform originations functions to drive greater efficiency, effectiveness, and governance through advanced operating models.
Genpact provides a range of analytics services, including consulting, data management, and outsourcing, to architect the Lean DigitalSM enterprise by combining design-thinking principles and Lean approaches with digital technologies and analytics. Our approach reimagines organizations beyond the front, middle and back office to deliver end-to-end digital solutions that deliver business outcomes. Through our Data-to-InsightSM process, we enable the industrialization of analytics, improving ROI on our clients' existing IT investments and elevating their process operations to best-in-class.
Genpact has developed its analytics capabilities working with insurance clients for over a decade. Our analytics capabilities include ready-to-deploy unstructured data solutions and reusable toolkits. Genpact's strengths include an end-to-end compliment of "Analytics" IT to operationalize data analysis. Our "Center of Excellence" (CoE) model focuses on enterprise outcomes and ensures the optimal allocation of resources and technology. Our solutions include:
- Perform tasks with staff augmentation across functions and projects
- Actuarial pricing, reserving, modeling, and experience analysis
- Catastrophe risk management
- Risk management and data services
Customized model development
- Claims first notice of loss, fraud, and subrogation
- Risk selection and triage
- Customer acquisition, management, and retention
- Exploring new technical approaches and uses of financial data
- Recorded voice analytics
- Predictive monitoring
- Human performance
Our Centers of Excellence (CoE)
Proven industrialized CoE process models that offer flexible evolution of the transformational future state at an optimized pace, including:
- Marketing analytics
- Actuarial and risk services
- Data management and reporting
- Model development and validation
- Process excellence and transformation
Our clients typically see benefits including loss ratios reduced by 5–10%, improved reserving forecasts, greater premium and payment accuracy, and improved customer satisfaction and retention levels. Some of the successes include:
A leading US life, investment, and mortgage insurance provider was struggling to understand the behavior of SDPA full surrenders, the impact of economic conditions, and the flexibility of the lapse function to incorporate variables. Genpact was engaged to monitor key lapse drivers (credit rate, treasury rate, etc.), develop a dynamic lapse function for use in financial models to assist in better pricing, and reserving to create a standardized process for knowledge retention. Genpact helped the client with 25% improvement in lapse prediction.
A $25 billion reinsurer was suffering from a high loss ratio from the employer stop loss portfolio. Genpact identified key drivers behind the loss ratio based on one-way, two-way, and three-way analysis and formulated a comprehensive predictive model for enabling business decisions. We used a generalized linear modeling technique based on Tweedie regression to analyze loss ratios, observing deviations in the actual loss ratio from the expected loss ratio based on theoretical models. With Genpact's help, the client's future loss ratio is forecast to be 10% lower year over year.