Critical Illness

Marketing and Sales Process

Marketing has traditionally relied on hit and miss referrals from agents or other sources to advance the business. Predictive analytics can provide insights into potential customers and captive and non-captive agencies and their selling habits.

Similarly we can help improve your sales application process - simplify the questions asked without diluting the effectiveness of the application, identify the most effective way to cross-sell and integrate with other products, such as life insurance.

Underwriting and Pricing

Predictive analytics offers significant benefits in experience analysis for morbidity for pricing. First, a predictive model can include more factors in its calculations than traditional methods can manage. As well, predictive modeling offers advantages in quantifying the inter-relationships between factors. The result is a more accurate measure of risk, leading to a more accurate underwriting assessment and greater (and known level of) confidence in this assessment.

Claim Management

We have developed techniques using predictive analytics to improve claim management through the use of claim scores. These claim scores predict the likelihood of claim approval and can be used to accelerate the approval process.

Application Validation

Applications to buy critical illness should reviewed to protect against fraud, under-disclosure and simple errors. Many companies focus on application fraud using activity based requests, while overlooking other potential dangers that can arise from simple errors. Our approach is to flag anomalous activities by identifying patterns specific to your data and your business. This can build on existing safeguards, and it has the advantages that it does not rely on previously identified suspicious activity and can improve the application process.