Predictive Analytics in Insurance: 2014 IT Vendor Spectrum

by Nicolas Michellod, February 20, 2014
Vendor Reviews
Global, EMEA, North America

Abstract

A growing proportion of insurers are looking for solutions that can help them make better decisions. Predictive analytics represent a key enabler: not only allowing insurers to better understand the past, but also providing valuable input to help anticipate the future.

In the report, Predictive Analytics in Insurance: 2014 IT Vendor Spectrum, Celent reviews IT vendors and their offerings. This report profiles 12 IT vendors and 16 predictive analytics systems and is not restricted to a specific geography.

“Insurers are focused on improving the basics of their business around crucial processes like sales and marketing, pricing and underwriting, as well as claims management,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and author of the report. “This research should serve as a guide to help insurers choose the appropriate solutions to meet their needs.”

Each vendor is profiled using the same structure, starting with a synoptic table presenting the company and its solution. Celent describes each solution’s offerings in terms of their customer base, data sources supported, functionality, predictive analytics, modeling capabilities, technology, implementation, and costs.

The vendors profiled in this report are: Boire Filler Group, EagleEye Analytics, Earnix, FICO, HUGIN Expert A/S, IBM, iGate, LexisNexis Risk Solutions, Pegasystems Inc., SAS, Valen Analytics, and Verisk Analytics. Although this list is not exhaustive, it provides a valuable sample of vendors that have already implemented solutions in the insurance industry.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

An Overview of the IT Vendor Spectrum

2

Boire Filler Group: Bespoke Data Mining / Predictive Analytics Solutions

5

EagleEye Analytics: Talon

10

Earnix; Earnix Insurance

15

FICO: Model Builder, Decision Optimizer, Insurance Fraud Manager, Credit-Based Insurance Scores

21

HUGIN Expert A/S; HUGIN FDM

27

IBM: IBM SPSS Predictive Analytics Solutions

33

iGATE Corporation: iAaaS – Insurance Analytics as a Service

39

LexisNexis Risk Solutions: LexisNexis Attract Model Suite

45

LexisNexis Risk Solutions: Campaign Analyzer

50

LexisNexis Risk Solutions: ClaimsFocus

55

LexisNexis Risk Solutions: InsurQuote

61

LexisNexis Risk Solutions: Lead Optimizer

66

Pegasystems Inc.: Decision Strategy Manager

70

SAS: SAS Business Analytics

75

Valen Analytics: InsureRight Platform

81

Verisk Analytics: ISO Risk Analyzer

87

Leveraging Celent’s Expertise

92

 

Support for Financial Institutions

92

 

Support for Vendors

92

Related Celent Research

93

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