Changes facing insurance providers such as deregulation, increased competition, advances in technology and globalization combine to exert substantial pressure on insurers, brokers, asset managers and reinsurers, and on their ability to respond to these changes. IBM Stream Computing turns these pressures into opportunity and enables predictive analytics of data in motion for real-time decisions allowing insurers to capture and analyze data - all the time, just in time.
- Real-time telematic analysis: Create real-time dashboards of behaviors such as car speed and locations to automatically adjust risk scores.
- Seedy fraud detection: Receive incident reports as they happen and immediately feed into claims processes.
- Cargo protection: Predict accidents or disasters in real time, dynamically update risk models and ensure informed underwriting.
- Call center optimization: Improve client experience, quality and performance. Automate next best actions and increase automated responses.
Results: increase services for clients and decrease cost and fraud.
- One client is able to model risk of natural disasters throughout the day instead of quarterly
- Singapore government (Youtube, 00:18:44) is able to identity illegal cargo in real-time
- One insurer delivers customized services based on simple "utterances" from clients, rather than full sentences or specific commands
- Insurer receives insight in milliseconds about changes in weather