Insurance analytics software helps insurance companies in many ways. It’s useful to not only detect and prevent fraud, but also to serve clients on a daily basis. The list of interesting insurance data analytics software should help you spot the best companies out there and differentiate your insurance analytics platform.
What exactly is insurance data analytics software?
Insurance analytics is hard. People need to share their personal information; the company that receives it should be aligned with compliance and security issues. Also, data should be processed and handled to certain standards.
To qualify as an insurance analytics software, an app should:
store and process customer-related data
perform data analysis
produce data-driven reports on customers, their insurance history, and behaviour
be compliant and approved to use by the fintech insurance industry
periodical and preferably automated screenings to detect fraud
generate reports on screenings
produce recommendations based on screenings, with individual cases in mind
identify customers at risk of cancellation
recommend incentives mitigating risk of cancellation
data and prediction modeling
How to create a perfect insurance analytics platform?
Remember a few of the most important aspects: data discovery, data optimisation, reporting, modeling, and fraud detection. InsurTech data analytics draw from data and historic information. The more you have, the easier it will get.
Customer intelligence lies at the core of products like these. Insurance software development should go forward with reliability in mind, since the data you will be working on is strictly confidential and sensitive. Insurance data companies put great emphasis on these aspects, so if you want to conquer the market and introduce a similar product, take a look at your direct competition below.
Then, get inspired and contact the right team for the job.
The list of the best insurance data analytics companies
Analytics for P&C insurance
Morris Plains, United States
MFX’s insurance analytics solution is designed to help users gain relevant and powerful insights that can help them make better decisions and restructure their operations and strategies to achieve optimal results across the board.
Through an easy-to-understand visual interface, Applied Analytics allows you to obtain powerful graphical business insights from your existing management system data to drive greater employee productivity and increase profitable relationships with clients and insurers.
APT’s insurance analytics software is built to read a signal in the sea of noise. Test & Learn can pinpoint the impact on metrics like premiums or number of new policies with statistical clarity, allowing you to always know what’s working and what’s not.
Moody’s Analytics AXIS actuarial system is widely used by life insurers, reinsurers, and consulting firms for pricing, reserving, asset and liability management (ALM), financial modeling, capital calculations, and hedging.
With Book Roll Analytics, carriers can digitally request an agency’s book of business, without disrupting agency operations. Whether you’re focused on growing personal or commercial lines, Book Roll Analytics simplifies the process of evaluating new business.
Drive growth with data claims analysis.
Dig deep into your clients’ health plan data, reveal hidden costs and deliver targeted, cost-saving solutions using the powerful reporting in Decision Master Warehouse. Benchmark your group’s medical and prescription utilization and costs against one of the largest normative sets in the country.
Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers are able to provide prices and personalized products that are smarter, faster, and safer in full alignment with corporate business goals and objectives. Earnix’s customers deliver over 1 billion quotes per year through Earnix’s solutions, offering systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for Insurers and Banks since 2001 with offices in the Americas, Europe, Asia Pacific, and Israel.
EbixEnterprise is uniquely structured-in Business Blocks, allowing you to change coverage categories as your book of business changes. And every block is built on the powerful EbixEnterprise Claims LX Foundation, with online enrollment and eligibility management, remote access capabilities, and advanced reporting and business intelligence.
IVANS Markets is an online tool that provides insurers and MGAs a new channel to market commercial product details directly to agents at the direct moment they are searching for markets to submit new and renewal business.
Data analytics dashboards
Get a true view into your marketing success. Data analytics dashboards show you agency search views, profile clicks, appetite details appearance and more.
Agent demand insights
Gauge agent demand by industry class. See in real time exactly which of your stated risks agents are searching for most.
Targeted search capabilities
Find your target business with both appointed and non-appointed agencies by industry code, line of business and city and/or state location to create an immediate list of agencies ready to do business with you.
Milliman Datalytics-Defense® is a legal e-billing platform that employs powerful data mining algorithms to help companies detect patterns in attorney billing practices, allowing them to better understand their costs and develop more effective claims defense strategies.
Advanced analytics helps identify best practices of claims defense which can be implemented across the organization.
Complete system integration including: claim data, document management, payment reconciliation, timekeeper rates, and proprietary Datalytics-Defense created data.
Utilize peer-to-peer comparisons and benchmarks of law firms’ costs and outcomes.
Advanced and proprietary data mining algorithms produce consistent and insightful data.
RiskMatch is an insurance intelligence solution that provides agencies and brokerages with the data-driven insights they need to grow their business and stay competitive in an increasingly complex industry. With RiskMatch, agencies and brokerages get access to the most comprehensive data available today about their customers, the market, and the entire insurance distribution channel.
SpatialKey is a browser-based service that provides data-driven analyses. Geospatial data is used to provide effective business analytics. Users can see interactive analytics and easily create reports.
Policies. Premiums. Claims. Payouts. In the insurance world, every transaction is a data point ripe for analysis and action. Tableau makes visual insurance analytics available to anyone in your insurance company. Complex insurance datasets are no problem for Tableau, making it possible to explore in real time and react to change faster.
revent what you can. Prepare for what you can’t.
That’s the simple yet powerful philosophy that drives us. There are proven tools and techniques that are available – right now – to help millions age successfully and prevent what we used to think of as inevitable. But many people don’t know about them, or how to apply them. That’s the gap we’re filling – so more of us can make active – even aggressive- efforts to keep aging from disrupting our lives.
But we all don’t age in the same way. So we use data to identify different “course calculations” – predicting a particular individual’s aging curve. We then apply insights derived from large datasets to make effective personalized recommendations for successful aging. That’s the “Prevent what you can ” half of our mission. The second half – preparation for the unexpected – is why we offer our platform through America’s Most innovative and trusted insurance companies. The combination of prevention and preparation benefits individuals, their families, and society.
Because our mission touches science and behavior change, we are a cross-disciplinary team of experienced entrepreneurs, clinicians, with offices in Tel Aviv and Boston, and backed by leading venture capital firms and strategic investors.
BrokerEdge provides a unified view and access to all the information processed by brokers working outside the office and by back office personnel. Multichannel access from anywhere using any device along with a built in knowledge collaboration model improve the efficiency and synergy of teams in real-time. BrokerEdges easy-to-use interface ensures high adoption rates and user satisfaction.
SmartCompliance is the #1 certificate of insurance management software for brokers, insurance consultants, and risk managers. Our easy-to-use certificate tracking software helps insurance professionals streamline their COI processes by automating certificate of insurance tracking and collection, eliminating manual data entry, and ensuring vendor compliance. Mitigate your risk of an underinsured claim by centralizing your tracking process and compliance reporting on one platform.
TerraClaim is a Risk Management and Automation Solution for all lines of Insurance. Our offering includes all-in-one Claims Management & Benchmarking platform that streamlines operations with Artificial Intelligence built specifically for MGA’s, TPA’s and individual adjusters.
– Claims Benchmarking for Self-Insureds, TPAs, PEOs, or Risk Managers: A powerful cross-industry claims benchmarking and data analytics solution that analyzes your claims performance against industry peers, helping you set better goals, manage risk reserves and improve claim outcomes.
1. Dashboard to view graphical and tabular results of claim benchmarking performance.
2. Comparison reports on avg. cost per claim, number of claims, total incurred, etc.
3. Powerful search filters and search capabilities for more granular segmentation.
– Claims Management for TPAs or Self-Insureds: A world-class property and casualty claims management system that streamlines your internal claims processes, improves productivity levels, drives desired results and proactively prevents fraud.
1. Real-time dashboards with relevant claim data.
2. Claimant and employer demographics, claim details.
3. Policy and coverage information with corresponding certificates.
Effectively Manage Your Entire Claims Lifecycle and experience for yourself why Terraclaim is the most trusted provider for benchmarking and managing insurance claims.
Zelros is the first AI software dedicated to the insurance distribution of tomorrow. Leveraging intelligent data, Zelros provides insurers’ sales and digital marketing teams with the customer intelligence they need to create seamless and personalized experiences on any channel.
Insurance Analytics Suite™ is designed specifically for the insurance industry. It is a Self-service Analytics solution for Life, P&C and Auto. The platform’s modular workflows enable Insurance Carriers, Insurance Brokers, Banks, Loan Companies and Mutual Funds to add value to areas of customer retention, cross & upsell processes and claims estimation using AI and ML technologies.
The platform also offers modules on Contact Centre Optimization and Analytical CRM, and has a dedicated Data Pipeline that can ingest data of varied types (structured, unstructured) and from different sources (databases, excel files, live steaming etc.). The Pipeline helps improve data quality in a matter of minutes and prepares the data for analytics and insights.
InsuredMine is a digital platform of integrated Technologies enabling Independent Agents & Carriers to offer Omni-channel experience to their clients. This helps them grow their business by converting more leads, engagement with more contacts, and retaining clients longer.
The platform’s features include: CRM for Insurance Agents, Task Manager, Goal Management, Dashboard – Charts, widgets & KPI, Marketing Automation, Sales & Service Pipeline, Opportunities Management, Chat via App & Text, Google Reviews, Insurance Wallet Mobile App.
RiskVille is a flexible scalable cloud solution for insurance companies, insurance brokers, insurance agencies, and captive managers with modules like:
2) Rating, Quoting, Policy Management, and issuance
3) Billing and reporting
4) Claims Management
5) Document and Mail handling.
Its single data storage accessible 24/7 for managing personal lines, commercial lines, or benefits.
Our know-how allows us to set 3 times lower price than competitors.
We can implement it for you within 3 days.
PerfectQuote is Group Insurance CPQ that helps benefits brokers and general agents procure, analyze and sell benefits insurance faster, error free and without any need for data entry. PerfectQuote is cloud-based software that supports a broker’s entire book of business with small/large group medical and ancillary product lines, powerful contribution modeling, and works with all insurance carriers. Used by Top 50, Regional, Local firms, PerfectQuote is changing the benefits industry!
Turn all of your insurance data sources into insights you can trust with Quantemplate’s data integration, automation and analytics platform.
A complete data preparation solution for insurance professionals, automating data clean-up, then performing calculations, augmenting with external data and doing validation checks – all without writing a single line of code.
ReFocus is an AI-powered sales plugin for insurance professionals. Use the customer data your business already has to identify purchasing behavior and purchasing timeframe. Find the money left on the table – and help increase revenue by as much as 60%.
UrbanStat has more than 20 different modules to help you manage your portfolio better, automate your underwriting, select better risks, and price more accurately using geospatial data and machine learning algorithms.