STATISTICA Decisiong Platform™ for Insurance
Companies in the insurance industry are using STATISTICA to be more effective and competitive in the utilization of historical data, using the latest predictive modeling and data mining approaches to recognize patterns within terabytes of data. STATISTICA allows companies to predict trends in customers' behavior, and claims.
One solution among those provided by StatSoft that is used in Customer Analytics within the Insurance Industry is the Propensity & Best-Next Action Modeling Solution.
Major successes and savings have been achieved by companies using STATISTICA for predictive modeling for Risk Management, Rate Making, Fraud Detection, Customer Segmentation, Subrogation, Recovery , Pricing, Claim Complexity ,Reserving and correct level of service. Thus improved decision making throughout the organization can easily be achieved.
- Full Range of Solutions: STATISTICA incorporates data preparation, feature selection, weight of evidence coding, scorecard building, model selection, model evaluation and deployment. into one software package.
- The most powerful algorithms available: STATISTICA incorporates not only traditional data mining algorithms such as CART,CHAID, etc., but also other powerful algorithms like Boosted Trees, Random Forests, and Neural Networks. This allows very sophisticated predictive models.
- Streamlined Process: Scorecard solutions integrate the various tools needed to provide a comprehensive risk modeling package.
- Information from textual notes: STATISTICA Text Miner enables exploration for hidden information in unstructured data (textual notes), and allows its use for prediction.
- Enterprise-Wide Convenience: Build models in one department, test models in another department, and then start scoring in offices worldwide. STATISTICA Enterprise™ is a truly collaborative tool that leverages the full power of the best predictive models available.
- Reflexive models for real-time needs: Use Live Score® to process new customers as they come in, and update your predictive models in fast turn-around times made possible only by STATISTICA’s integrated solutions.
- Sequence and Association analysis: Find and quantify associations between purchases and other customer behavior with STATISTICA’s Sequence Association and Link Analysis tool. Learning what items are frequently purchased together, or subsequently, uncovers valuable patterns that you can use to improve marketing strategies.
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