The competitive landscape and technology trends forces insurers to apply predictive modeling to various processes for more profitable and efficient operations.
Although predictive analytics can be applied across all value chains, Virtusa has focused on claims analytics as an example as 80% of premium revenue is spent on claims. It has been a debate whether predictive analytics will become automated commodities or will need to be analyzed with human decision making. Nevertheless, it is universally accepted that predictive analytics will impact the way insurers conduct their business. Virtusa’s claims analytics solution offers insurers a platform to plug into their existing data sources and derive business insights using the dashboards and models that slice, dice and simulate the data.