Empowering Underwriters with Insurance Risk Analytics

Capgemini risk analytics solution provides insurers with a single data resource enabling access to accurate, granular information on individual risk factors for a more informed commercial risk assessment.

To take full advantage of big data, insurers should think about how data can be used across the entire customer value chain – "inside-out" to better price and assess risk and "outside-in" to provide exceptional customer experience.

Ernest Martinez, Head, BIM Practice, Capgemini FS , UK

Risk Data Integration and Accessibility

A wealth of data resides inside and outside the organization that underwriters can use to improve risk assessment but, many times the organization is unable to integrate, analyze, and make data readily accessible to support the risk assessment process using existing methods.

As a result, underwriters end up spending considerable time collating all the data they need for any given analysis. To improve efficiency, underwriters need a single data repository, where they can readily access all required data in the right formats and at the required level of granularity.

Risk Assessment for Accurate Individual Policy Pricing

In the absence of granular risk data, risk is assessed at a portfolio level rather than individual policy basis. This results in inaccurate premiums and policy pricing, risk volatility and loss. To drive revenues and increase profitability, insurers need to optimize their exposure as well as price their policies innovatively.

Commercial Insurance Risk Analytics (CIRA)

CIRA gives underwriting professionals unprecedented access to accurate, granular information on individual risk factors for a more informed, faster risk assessment and increased operational efficiency.

It provides a "one stop shop" for the collection, integration, and analysis of a wide range of data sources; thereby enabling underwriters for effective decision making in Risk Assessment and Policy Pricing.

Providing the Right Data for the Right Decisions

With the CIRA platform, Insurers can –

  • Integrate relevant data from internal and external sources into a single analytics platform to support decision-making on demand in near real-time
  • Assess risk for each policy individually against a range of factors and at a more granular level
    • Risk-Based Rating versus Traditional Rating
    • "What If" analysis against historical records
  • Conduct an on-site risk assessment of policies, with up-to-date information on the likelihood of perils, density of high risk items in the vicinity, and other risk items
  • Perform analytics on the entire portfolio of policies with the help of the dashboards available with full drill-down capability into the underlying data

Specialist in providing Business Intelligence & Analytic Services

  • Capgemini brings more than 15 years of expertise providing data management, data transformation, and data integration services. We are able to connect you with a global pool of 9000+ Business Information Management (BIM) experts with more than 3000 dedicated to Financial Services
  • Currently providing BI and Analytics services to major insurers worldwide
  • Strong partnership with cutting-edge IT technology organizations, like HP, Oracle, SAS, IBM and SAP.

"Plug and play" risk data configured & displayed exactly how you want it

Through the integration of big data as well as our Rapid Data Visualization capabilities, Capgemini brings the right data in the right format, customized for underwriters.

  • Finely grained risk data from multiple external sources, including social media, integrated with the insurer’s own data – analytic dashboard displays with full drill-down capability into the underlying data.

Business-driven approach grounded in deep Insurance experience

Capgemini focuses upon development of intellectual property (IP) that originates from ideas, pain points, and identified issues of our insurance clients and involves clients and independent industry experts throughout the IP life cycle.

  • The core CIRA concept originated in a workshop with one of our global insurance clients and we have utilized an independent underwriting firm to QA the Proof of Concept (PoC)
  • 20 years of Insurance experience with more than 6,000 dedicated insurance professionals
  • Currently working with 11 of the top 15 insurance companies.

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* As published in Telegraph

Capgemini Experts

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Contact Us

A proof of concept demo is available to help clients visualize the solution components, sample dashboards and benefits that they can achieve with this platform. Contact us today at InsuranceRisk.fsgbu@capgemini.com to know more on our offering.

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