The Client
This client writes more than U$1.2 billion of property and casualty insurance around the world and provides over 80 products through 18 lines of specialty insurance including most complex risks from Olympic athletes to offshore oil rigs
Business Challenges
- Low premium growth esp. in soft market
- Low quote to policy conversion rates
- Lack of targeted segmentation of customers based on various risk factors
What we did
- Cleansed and analyzed historical data to understand the patterns
- Identify the key predictors that are impacting the Underwriter’s decision making
- Built an analytical model to provide actionable insights to Underwriter
Program details
- Technology stack: Pega 7.3, Pega DM 7.3
- Engagement Model: Onshore (15%) – Offshore (85%)
- Time to Development: 5 weeks
Business Benefits
- Significantly improved hit ratio
- Enhanced Underwriting with data driven risk factors to ensure accurate pricing
- Reduced cost of risk assessment with better understanding of risk exposures
