The insurance market has been changing for years. And those market developments follow each other faster and faster. Customers expect personal pricing, new and innovative products, targeted advice, good pensions and more comfort. As an insurer you have to adjust your models and processes to be able to meet these requirements and to stay ahead of insurtech startups. The increasing competition in the market makes cost reduction a necessity. This can only be achieved if you increase efficiency. With standardized processes, supported by data and analyses.
What benefits can I expect? What are my claims? What price should this policy have? And can you also add commercial value for your organization?
These questions should not only be answered efficiently and compliantly for reporting, but also for numerous analyses. It would be nice not to have different actuaries reinvent the wheel more than once. Instead of complex - to production-enabled - Excel models, we develop tools whereby actuaries can answer business questions efficiently and in a standardized and auditable way. This allows you to respond quickly to new market developments and innovations.
You know that it is very important to be able to properly assess the risks associated with certain types of customers. If you know that, you can have a targeted search for new customers with the desired risk profile. In this way, you keep the right balance in your portfolio.
With clustering on characteristics of existing customers, we distinguish different customer groups and our solid analyses determine the corresponding risk profile for each customer group. Based on the results, we advise you in setting the right targeted marketing campaigns.
The world of actuarial and commercial pricing is getting closer together. It makes sense, because the costs of an insurance product are not linear to the number of policies sold. The dynamic game between sales numbers and pricing is therefore very important. Do you already have this under control?
We bring the worlds of actuarial and commercial prices together. Making good sales forecasts for the corresponding prices is essential. With the results of the analyses, you can calculate scenarios for the effect of price changes on sales numbers and risks. Because we also continuously monitor the new customers. Are the right risks taken in? Or is the customer profile different and do the pricing and marketing need to be adjusted accordingly.
As an insurer you want to make the best possible risk assessment of customers. In the today's world it becomes easier because more data is generated and collected. But how do you combine everything you know about your customers into and utilize that knowledge to make the most of your customer relationship?
With our models we use all this data to make an individual risk assessment per insured person. But our analyses continue. In order to improve your customer relationship, we show which products or advice best suit the needs of the customer.
Many people, many needs, also within data science. Which challenge are you going to tackle first? Is there enough data available to fit a model on? We like to take small steps forward and answer these questions in the potential scan.
Every situation is different, so it is difficult to estimate in advance how much data science will bring for you. During the Proof of Value we develop models based on a limited scope. In this way, we can determine the added value as quickly as possible.
With acceptance within your organization, a data-driven solution will really take off! That is why we show, with cases from daily practice, what the added value of data science is. With a team of ambassadors within the organization, we determine how the next steps look like.
We will now fully roll out the models developed in the Proof of Value. The finalization of the models is done together with you, by analyzing the results with our joint expertise of data and business. We also set up tooling, with which you can use the models youself to support decisions.
You want to be sure that you always support decisions with the latest information. This is only possible with an automated data flow and models that directly make use of that data. We ensure that the solution fits perfectly into the excisting processes. Nothing stands in your way to let your organization grow!
No matter how nice our cooperation is, in the end we want you to be able to do it yourself. We work on a smooth integration, in the way that best suits your organization. Still a question for our experts? You know where to find us!
Soon you will be able to view our best cases for insurers here.
"Veneficus adds magic to our data solutions. Together with Veneficus, we develop insight into the sales potential of a food service location for a brand, product or category. A real partner who adds value to our business and makes the difference by 'going the extra mile' in creativity and involvement."
"Thanks to Veneficus' analyses, we understand customer needs better and we are able to respond to them, for example by changing our assortment accordingly."
"With the rental price model, we are better off. We are able to substantiate internally how our proposal for a rental price was established. When purchasing a new location, we can also determine what the value may be. In meetings with existing tenants, the model has added value as well, we can determine the new rental price but also substantiate it to our tenants."
"At Boskalis, we think fact-based decision making is a game-changer. In a short period of time, together with Veneficus, we have looked at different statistical models based on our data. This provided the tools we need during the tender phase to make better long-term pricing decisions."