Data Science for Insurance

Harness data to meet customers’ changing needs and improve their overall experience while effectively assessing and protecting against new horizons of risk.

Request an AI Assessment

Leading companies make it their policy to choose us.

Three Ways Data Science Assures a Better Future

Drive Revenue

Optimize pricing to cost sensitivity by geography and individual clients
Understand customer segments to expand multichannel strategies
Assess the long-term value of each customer to personalize service

Cut Costs

Streamline claims processing by automating data-dependent steps
Use business process mining to find opportunities to be more effective
Simplify underwriting to achieve real-time speed, cutting costs and delivering better service

Manage Risks

Immediately identify fraudulent and unwarranted claims or policy applications
Reduce risk and ensure compliance with precise and efficient scoring

Harnessing the Power of Data in Insurance

The insurance industry is ultra-competitive. The vast selection of providers means that customers will walk if they feel a quote isn’t reasonable, or if coverage or service is below par.

Luckily, your data can unlock opportunities to become more customer-centric and differentiate yourself from competitors. Customer segmentation, personalized marketing, and life event communication let you tailor messages, while recommendation engines can help to provide unique offers. Lifetime value prediction, claim prediction, and fraud detection all help to make timely decisions and maximize profits.

AI for Insurance—Why Now?

Getting it right in insurance is harder than ever. Risk assessment continues to become more complex due to climate change, terrorism, and cybercrime—not to mention new work patterns and health outcomes. Smart homes and autonomous vehicles are creating complex new dynamics and fresh considerations when crafting policies.

The analytics behind today’s underwriting, valuation, and fraud detection need to be re-invented to be fast, accurate, and adaptable to changing demands. Failure to deliver means, at best, lower profits and dissatisfied customers. At worst, it can expose you to massive losses.

Discover the RapidMiner Data Science Platform

RapidMiner unifies the entire end-to-end data science lifecycle so that you can turn promising data science projects into solutions that deliver real business results—and set you apart from the competition.

Learn More

1,000,000+

Global Users

Excellent Tool For Novice Data Scientists

RapidMiner AI Hub is really good product and provides most of the capability with the combined suite of RapidMiner AI Hub and RapidMiner Studio with Auto Modeler capability.

Data Architect Sr

Finance

Best Data Science and Machine Learning Solution

Overall, I had a positive experience with RapidMiner. It is a unified platform where I can judge my data overall and we can easily decide where we need improvements and what is working well. Due to its machine learning, I am confident about my decision that keeps my brand standing out in a competitive world.

Senior Software Engineer

IT Services

Smart Tool Related to Machine Learning and Data Science

This has completely changed how we handle our database schemas, how we achieve success and make long-term plans, and how we make decisions. We've deployed RapidMiner throughout our whole business since it's applicable for each and every use case, sparing us a tremendous quantity of effort and resources.

Corporate Communications Manager

IT Services

Gartner® and Peer Insights™ are trademarks of Gartner, Inc. and/or its affiliates. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

Mitigating Threats with Data Science

In an increasingly digital world, security is of the utmost importance. Learn how The Pegasus Group used RapidMiner to create a model that can detect and block attackers with real-time scoring.

Learn more

1/ 1

Related Resources