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Conclusion
Risk Evaluation
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Predictive Analytics help insurers to accurately predict risk. It leads to accurate risk assessment and help determine policy premiums on which insurers’ losses or gains depend.
Fraud Prediction
It assists in the timely detection of insurance fraud and false claims. It exposes suspicious claims, identifies risk via risk scoring and if necessary subject to further investigation.
Enhanced Customer Services
Predictive Analytics in insurance
underwriting provides insurers with a closer view of their data quality. It improves operational efficiencies and increases profitability.
Conclusion
Predictive Analytics in insurance has enhanced decision-making power and enabled more automation in the industry. It has deliberately enhanced industry operations and improved business insights. It has empowered insurers and opened up fresh opportunities in insurance coverage and underwriting.
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