Predictive analytics is also useful in the following, among other tasks: Customer acquisition, Target marketing, Broker management, Cost reduction, Retention management, Claims process management.
Factor for rate of premium: The rate of premium depends upon four factors: Claims cost, commission, expenses and profit
A few motor insurers in India have been able to decide premium rates on ?real-time basis i.e. their systems are recording data of premium and claims on a continuous basis, this in turn is assisting them in quoting premium rates for a particular risk on immediate loss experience ratio.
Insurers are required to capture all the relevant data and forward to the TAC on a quarterly basis.
The TAC data requirement is under three major sets. The requirement is of individual records. The data sets are: Underwriting policy data, Claims paid data, Input data
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