Predictive Analytics in Insurance: 2014 IT Vendor Spectrum
A growing proportion of insurers are looking for solutions that can help them make better decisions. Predictive analytics represent a key enabler: not only allowing insurers to better understand the past, but also providing valuable input to help anticipate the future.
In the report, Predictive Analytics in Insurance: 2014 IT Vendor Spectrum, Celent reviews IT vendors and their offerings. This report profiles 12 IT vendors and 16 predictive analytics systems and is not restricted to a specific geography.
“Insurers are focused on improving the basics of their business around crucial processes like sales and marketing, pricing and underwriting, as well as claims management,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and author of the report. “This research should serve as a guide to help insurers choose the appropriate solutions to meet their needs.”
Each vendor is profiled using the same structure, starting with a synoptic table presenting the company and its solution. Celent describes each solution’s offerings in terms of their customer base, data sources supported, functionality, predictive analytics, modeling capabilities, technology, implementation, and costs.
The vendors profiled in this report are: Boire Filler Group, EagleEye Analytics, Earnix, FICO, HUGIN Expert A/S, IBM, iGate, LexisNexis Risk Solutions, Pegasystems Inc., SAS, Valen Analytics, and Verisk Analytics. Although this list is not exhaustive, it provides a valuable sample of vendors that have already implemented solutions in the insurance industry.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
An Overview of the IT Vendor Spectrum
Boire Filler Group: Bespoke Data Mining / Predictive Analytics Solutions
EagleEye Analytics: Talon
Earnix; Earnix Insurance
FICO: Model Builder, Decision Optimizer, Insurance Fraud Manager, Credit-Based Insurance Scores
HUGIN Expert A/S; HUGIN FDM
IBM: IBM SPSS Predictive Analytics Solutions
iGATE Corporation: iAaaS – Insurance Analytics as a Service
LexisNexis Risk Solutions: LexisNexis Attract Model Suite
LexisNexis Risk Solutions: Campaign Analyzer
LexisNexis Risk Solutions: ClaimsFocus
LexisNexis Risk Solutions: InsurQuote
LexisNexis Risk Solutions: Lead Optimizer
Pegasystems Inc.: Decision Strategy Manager
SAS: SAS Business Analytics
Valen Analytics: InsureRight Platform
Verisk Analytics: ISO Risk Analyzer
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research