In today’s highly unpredictable and competitive marketplace, effective decision making can mean the difference between achieving success or failure. The evolution of predictive analytics and machine learning have accelerated decision making by removing the guesswork and increasing predictability.
Excellarate brings decades of experience and delivers state-of-the-art predictive analytics and machine learning solutions to our customers. Our solutions provide value by leveraging advanced and highly complex machine learning and methods to analyze data, extract hidden patterns, trends and predict outcomes. These methods provide decision makers with accurate and critical insights to keep up with the fast pace of business. Now more than ever, we live in an age where access to accurate data and the ability to make quick business decisions has become a requirement for a successful business.
Predictive analytics and machine learning encompass a variety of statistical techniques from data mining, predictive modeling, digital people, and artificial intelligence that analyze current and historical data to make predictions about future or otherwise unknown events. Using only historical measures to gauge business and process performance is a thing of the past. To succeed in competitive market, businesses need predictive metrics, rather than only historical metrics. Predictive risk metrics are particularly important for mitigating and even preventing negative impacts on a business. This is crucial in determining organizations who survive and those who will be left behind.
Predictive analytics and machine learning helps insurance carriers understand and gain insights into the mindsets of their customers. This enables them to tailor financial products that are relevant and appealing to them, which in turn ensures their competitiveness.
Insurance organizations can realize the following benefits with Excellarate ‘s Predictive Analytics solutions:
- Data-driven automated workflows
- Customize product and service offerings based on segment and price policies.
- Servicing of claims in all areas including future claim events and fraudulent claims.
- Lowers claim handling costs, quickly identifies outlier claims, and efficiently manages claims severity.
Financial services industry
Financial services institutions face many internal and external-oriented challenges. From product commoditization, increasing customer demands, increasing customer acquisition costs to fraud detection & prevention. Meeting these challenges requires accurate and actionable insights on different forms of risk, customer data, operating costs, revenue and various other parameters. Predictive analytics provides the necessary tools to overcome these challenges.
Financial Services organizations can realize the following benefits with Excellarate ‘s Predictive Analytics solutions:
- Gain insights into your customer needs and market trends.
- Evaluate what drives customer acquisition.
- Improve customer churn prediction
- Identify and maximize cross-sell and up-sell opportunities
For most healthcare institutions, improving patient outcomes and maintaining effective operating costs is mission critical to their operations and business. Healthcare’s legacy infrastructure and decision support systems struggle to keep up with the demands of these rising requirements. Healthcare institutions can leverage predictive analytics to improve patient outcomes. Physicians can leverage analytics to select the best treatment plan for their patients.
Healthcare organizations can realize the following benefits with Excellarate ‘s Predictive Analytics solutions:
- Improved accuracy of diagnosis
- Physicians provided data for individual’s specific health needs
- Employers and hospitals gain predictions into insurance product costs
- Improving efficiencies for operational management of healthcare business
- Accuracy of diagnosis and treatment in personal medicine