INSURANCE

Octave Analytics offers guided data exploration and automatic visualization to aid marketing and sales decisions. Insights from Octave Analytics enables insurers to quickly spot a hidden opportunity or an intended fraudulent transaction. Our Analytics Process Outsourcing services generate insights insurers need to make data-driven decisions. Our solutions answer questions about customer behavior, customer preferences and customer loyalty with the intention of maximizing your customers’ lifetime value. We can help you to identify the right customers to retain and prescribe the best channels to engage them and build the right campaign to optimize your customer value

Premium Investment Model

Our model can determine the most profitable investment decision of your Earned/Unearned Premium

  1. Asset Under Management Modelling
  2. Returns on Investment Forecast
  3. Investment Headcount Ratio
  4. Percentage of Revenue Earned from Investment

Predictive Analytics Models for Insurance

Improve both the efficiency and effectiveness of your underwriting operations through

  1. Claim Scoring
  2. Underwriting and Pricing
  3. Claim Fraud
  4. Underwriting Optimization Models
  5. Underwriting Fraud
  6. Policy Application Fraud
  7. Provider Payment Abuse
  8. Brokers Analytics
  9. Agent Performance Scorecards

Business Planning Analytics

Take advantage of our analytics models to improve your business planning processs​

  1. Gross Premium Income (GPI) Forecast vs. Actual
  2. Total Claim Forecast vs. Actual
  3. Survival Data Mining
  4. Claim Reserve Model
  5. Credit Control – Outstanding Ratio
  6. IBNR (Confirmed but Not Reported)
  7. Worst Insured Client GPI Forecast vs. Actual
  8. Best Insured Client GPU forecast vs. Actual
  9. Not Taken Up Ratio vs % of Neglected Claim

Predictive Analytics Models for Insurance

Improve claim performance & optimize your marketing and sales strategy to achieve greater results

  1. Claim Denial & Resolution Model
  2. Claim Adjustment Ratio
  3. CGE vs PGE Modelling
  4. Combined Cost & Claim Ratio
  5. Claim Foreclosure Rate
  6. Claims Report by Product Line
  7. Claim Solvency Modelling
  8. Average Handling Time of Claim
  9. Claim Fraud Detection Model
  10. %Claim Overdue Distributions

Underwriting Models

We provide diagnstic models that project the payoffs from making underwriting decisions

  1. Underwriting Risk Assessment Model
  2. Catastrophe Modelling
  3. Policy Premium to Personnel Cost Model
  4. Underwriting Expense Ratio
  5. New Business Channel Modelling
  6. Application Processing & Remittance Rates
  7. New Premium Written
  8. Policy Renewal Prediction
  9. Broker/Agent Revenue Model
  10. Distributions of New Acquisitions
  11. Moving Average of Daily Premium Written
  12. Underwriting Fraud Detection Model

Insurance Cycle Time Analytics

Octave Analytics CTA helps your team to improve and deliver faster by identifying outliers & trends

  1. New Business Processing
  2. Underwriting
  3. Repair Completion
  4. Claim Processing
  5. Coverage Offer
  6. Policy Renewal Prediction
  7. Claim Settlement
  8. Claim Payment Remittance
  9. Initial Damage Inspection
  10. Initial Customer Contact
  11. Claim Payment Remittance

Growth & Profitability Model

When considering using data to maximize revenue and drive down cost, consider Octave Analytics

  1. Customer Segmentation
  2. Customer Lifecycle Management
  3. Cross Sell & Up-sell
  4. Retention & Acquisition Model
  5. Salesforce Distribution Optimization
  6. Propensity Modelling
  7. Policy Profitability Model
  8. Actuarial Analysis & Ratemaking
  9. Value Band Segmentation
  10. Customer Demographics & Behavioural Profiling
  11. Brand Health Check

Insurance Analytics

Unleash the power in your insurance data and transform how you do business

  1. Policies in Force Model
  2. Commercial Combined Ratio Analytics
  3. Net Premium vs. Total Expense Ratio
  4. Loss Ratio Modelling
  5. Expense Ratio Modelling
  6. Net Premium vs Marketing Ratio
  7. Earned vs Unearned Premium Model
  8. Moving Average of Total Earned Premium
  9. Policy Holders Analytics
  10. Reinsurance Modelling
  11. Co-Insurance Modelling
  12. Agent/Brokers Business Analytics

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We deliver first class service to all clients, both large and small-scale venture

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