“We are using data and analytics to inform decisions throughout every part of the organization, from products, sales, operations, marketing and claims, … to weave fact-based decision making into the fabric of the organization.”
— Eric Huls, Senior Vice President of Data and Analytics at Allstate
Similar to the emergence of Fintech companies, technology-driven Insurtech players are disrupting the insurance market and grabbing market share from incumbents.
Buyers are more price sensitive and less loyal to brands. They consider insurance policies interchangeable as long as they meet their needs, and value convenience over in-person visits.
Generating actionable insights from numerous data sources—such as underwriting, claims and customer services, sales and marketing, and broker relationships—requires sophisticated data science capabilities.
Data science can provide key insights to help identify opportunities in new market segments and product offerings that serve the target consumers with the right pricing strategy.
Underwriting and risk assessment are the core competitive advantages for insurance companies. Predictive analytics can improve the accuracy of risk and pricing models while facilitating near-real-time claims processing, helping insurers stay ahead of digital transformation.
An exploding variety of real-time data from vehicles, smart homes, health devices, industrial sensors, drones, and weather sensors provides insurance companies with an unprecedented amount of data to work with.
Domino empowers data science and analysis teams to automate claims processes, produce better risk models, meet auditing requirements, and reproduce past work. Data scientists develop and deploy API-accessible models on Domino to optimize pricing, mitigate risk and loss, calculate customer value, and prevent churn.