Data & Analytics
"Data is the new oil”, right? This statement is also widely used by insurers, as actuaries, underwriters and claims managers have always relied heavily on historical data.
In addition to the traditional statistical analysis and reporting, a true revolution is going on in the domain of artificial intelligence, with machine and deep learning models that require large, multi-feature and high-quality data. Insurers therefore need to pursue:
- Extending their client, policy and claims data
- Enrichment with 3rd party data
- Building a strong data governance
- Defining a TOM for the data organization
- Turn analytics into action
Are you looking for support on your Data & Analytics challenges?
Have a look at what we can do for you!
Our approach
Insurance Data Foundation
Bringing relevant data together from multiple sources and being able to manage this in standardized and industrial way is key. thewave can help you every step of the way, including:
- Defining the overall data governance
- Mastering Data Management
- Data Quality Management
- Data Architecture
- Implementing a TOM for the data organization
Data Quality
Data quality is the most critical element within data governance.
So we can help you to:
- Assess the data quality dimensions
- Increase the value of your data
Insurance Data Architecture
Based on our consulting and implementation projects, we can help you to:
- Deploy a Conceptual Insurance Data Model
- Use a Canonical Model for application integration
Insurance Analytics Exploration
Together with thewave, you can explore and uncover the hidden value of your underwriting, claims and process data via a Proof of Concept.
Some examples:
- Under- or overpriced segments
- Validate assumptions in the claim reserves
- Underlying causes for process bottlenecks
Deploying IT-Partners solutions
We continuously invest in exploring the InsurTech market, supporting you to identify, validate and implement InsurTech solutions, like:
- Sara, our virtual NLP-enabled assistant who can support FNOL process
- Our Computer Vision model is able to classify car damage images