Automating straightforward policies can cut costs and boost financial returns
Facing high growth, and an average of three years to properly train underwriters, Prudential Korea needed to automate underwriting of straightforward policies, and begin implementing analytics and broader data for driving more sophisticated actuarial calculations.
This white paper from analytics software company FICO shows how the company reduced its loss ratio and cut operating costs by up to 70% by increasing automatic evaluation of data factors from 5 to 30; and achieved a 500% ROI after first year.
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FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™.
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