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Leading InsurTech Pentation Analytics Launches Insurance Analytics Suite 2.0MUMBAI, July 20, 2018 /PRNewswire/ -- Pentation Analytics has launched the all-new version of its proprietary analytics platform Insurance Analytics Suite™. Aimed for the ease of business users in the insurance industry, the new version of the Suite has got a series of updates across functionalities, UI or workflow or consumption of output which the Suite generates. Customer Value Maximization through Retention and Cross-sales Insurance Analytics Suite® has been designed to address the core problem faced by insurers and intermediaries around the globe - realizing maximizing value of their customers. Insurers and Insurance intermediaries spend considerable time and money to acquire their customers, and then run large processes to retain them; however, retaining a profitable customer portfolio remains a challenge. According to the 2017 JD Power Insurance Shopping Study, the top 3 reasons owing to which customers attrite are price sensitivity, channel preferences and service levels, and communication gaps. These affect renewals and further future sales in P&C, Health and Life Insurance. Addressing this, Insurance Analytics Suite™ enables insurance organizations mitigate customer attrition with risk insights - risk scores for retention and cross-sell based on industry-level Machine Learning models, each at the level of every customer and each policy. These scores enable actionable insights and data-driven decision making for high-impact results. The Suite also enables strategic interventions both within and without the insurance operations, leading to improvement of the processes. Risk insights for decision making and operations optimisation for profitability - Insurance Analytics covers all-in-one, for impact at scale. New Version after a thorough assessment of global industry needs Previously, the design of Insurance Analytis Suite was such that its interaction was limited to the analyst user. It had separate modules for each functionality, each with its own data management needs. During the December of 2017, Pentation Analytics was selected among the Top 10 InsurTechs globally for Startupbootcamp's Hartford Insurtech Hub program. Through the accelerator's journey, Pentation identified that it was imperative for the business users in the insurance process - underwriters, agents and C-level executives - to interact with the product to derive the most from it. With an interactive and innovative user-flow in place, the new version of Insurance Analytics Suite is especially developed with the business user as the end consumer. The aim is to shift the onus from the business analysts to the business owners, who are by default better suited to make the most out of the business analytics processes.
In short, the new version of Insurance Analytics Suite offers a unique combination of underwriting and process excellence - and this is a first across the global InsurTech industry. About Pentation Analytics As an InsurTech, Pentation Analytics enables insurers and intermediaries realize maximum value of customers via proprietary platform - Insurance Analytics Suite. This insurance-specific analytics platform, powered by Machine Learning, uses customer-level data to address the core use-cases of retention, cross-sell and profitability. Insurance Analytics Suite is deployed at some of the leading insurers and insurance intermediaries, with renewal and cross-sell upside ranging between 3% and 12% depending upon the risk segment. Media Contact: |