Data, analytics and AI for insurers
Maximize the value of your data and optimize operations, power personalization at scale and make your decision-making truly data-driven with an AI and analytics solution for insurance.
How our data services help insurance firms
Sales and distribution
Gain a 360-degree view of every customer to power superior customer experiences, improve retention and lifetime value and stay competitive. Take advantage of emerging market trends as they arise.
Actuarial and underwriting
Refine and accelerate risk assessment to streamline pricing, make it more competitive and enhance risk management. Keep track of every underwriter’s performance and real-time loss cost and pricing data.
Policies and claims
Delight your customers with streamlined policy and claim processes while mitigating fraud and optimizing costs. Transform your claims management from FNOL to the settlement with our LXA platform.
Operations
Augment operational efficiency, optimize costs and mitigate fraud with a solution that identifies cost-saving opportunities and bottlenecks by finding trends in data. We’re here to assist you with strategic decisions.
Asset management
Safeguard your assets with data-driven risk management. Refine and accelerate risk assessments, gain powerful insights into liabilities and streamline regulatory compliance using real-time first- and third-party data.
Strategic partnership to make your business data-driven
Armed with decades of experience in technology and the insurance domain, we're here to do more than just advise you on the best solution for your data needs. We’re ready to design, implement and manage advanced analytics and AI solutions for insurance leaders and disruptors, including our own LXA platform.
You can rely on us to create or enhance your data strategy, introduce a single source of truth, ensure data quality, and extract insights from swaths of data, all to drive your business value and operational efficiency.
Turn your data into a valuable resource with Luxoft
Why choose Luxoft for data and analytics?
Partnership-driven approach
We consider every Luxoft client a partner. So, we work closely with them to ensure we fully grasp their one-of-a-kind challenges and goals to pinpoint the right technology solutions every time.
Unrivaled industry expertise
Our decades-long technical and industry expertise allows us to find the right solution for every company, no matter how complex its challenges are. Our extensive partnership network spans Dataiku, Snowflake, and more.
Big-picture focus
We go beyond short-term fixes and help our clients enhance their strategy and attain their goals with technology solutions, such as expedited time-to-market, enhanced resilience, or improved business value.
Luxoft's data and analytics capabilities
20+
years of serving the insurance industry
7,300
insurance and finance experts
350+
active clients that trust us
Luxoft’s related insurance services
Luxoft’s related insurance services
Ensure you’re on the right track to success with our advisory services. We’re here to lend you our technical and domain expertise to help you decide on buy vs. build, implementation strategy and project roadmap.
Minimize friction for your customers and employees with intuitive, convenient and practical user interfaces. We can help you transform your UI into a powerful asset that drives employee productivity, customer retention and lifetime value and operational efficiency.
Make your organization run like a well-oiled machine by streamlining workflows and automating tedious tasks. We’re here to help you leverage automation to transform customer experiences, supercharge business growth and optimize costs.
Don’t let outdated legacy estates stand in your way. Let our experts modernize your legacy application to prepare your organization for cutting-edge solutions and strategic technologies, including the cloud, low-code and no-code, and AI and ML.
Expedite time-to-market to remain competitive against tech-driven disruptors and boost customer satisfaction. Our software development expertise can assist you in optimizing your in-house development processes, speeding up testing and increasing flexibility.
News and insights
Make your data work for you
FAQ
Data and analytics transform insurance underwriting in three key ways:
- Understanding customers better using third-party data. Insurers are no longer constrained by the first- and zero-party data — i.e., the data they themselves collect. Third-party data can reveal whether their customers pose greater insurance and fraud risks. For example, if a customer has bent the rules and bought hidden-city flight tickets, they may also be more likely to submit fraudulent claims
- Increasing the number of rating factors. Underwriting rates no longer have to be determined by a handful of factors. Advanced data analytics solutions can assess risks based on hundreds of factors and predict risks more accurately, allowing insurers to offer more competitive pricing for low-risk customers
- Interpreting conflicting data. Data analytics can unearth the correlation and causation links between various factors that wouldn’t have been possible to pinpoint otherwise
Here are the four ways AI and data analytics are already disrupting business as usual in the insurance industry:
- Expedited claim processing. Lemonade, an insurtech startup, made the headlines with its record: a claim processed in two seconds. It could do so thanks to an AI algorithm that automatically checks policy conditions, scans for potential fraud, and determines the payment amount
- Hyper-personalization. AI and data analytics can microsegment customers based on behaviors and preferences, predict events like customer churn, and select the most suitable upselling and cross-selling offers for every customer — all at scale
- Streamlined underwriting. With all the heavy lifting in risk assessment and fraud detection done by AI and analytics, underwriting can be done almost instantaneously
- New insurance products. AI and advanced data analytics power new types of insurance, such as pay-as-you-drive and usage-based insurance, and pick-your-own coverage and services
Using AI and analytics solutions like the LXA platform for claims management and fraud detection allows insurers to reap the following three major benefits:
- Reduced claims costs. AI and analytics can flag suspicious behavior or conflicting data, identifying fraud more accurately than any human could. This, combined with streamlined workflows, rids insurers of tedious manual tasks and optimizes claims processing costs
- Enhanced claims processing efficiency. AI and analytics can speed up or fully automate virtually every aspect of claim processing. For example, they can automate first notice of loss (FNOL), data verification against third-party sources, and cost assessment
- Improved customer satisfaction. From pre-populated forms and automated FNOL to accelerated adjudication and payment, AI and analytics make claim processing a less stressful and more pleasant for customers
AI and analytics solutions can power hyper-personalization across multiple industries. In insurance, these two technologies can help insurers adopt an individual approach to every customer at scale in the following four ways:
- Creating customer microsegments. AI and analytics excel at finding patterns in data. This comes in handy when segmenting your customer database. These technologies can create detailed microsegments, all without human involvement
- Predicting customer churn. AI algorithms can assess customer behavior and the likelihood of policy cancellation. This information can inform micro targeted marketing offers meant to prevent churn
- Timely upselling and cross-selling. Third-party data can help you understand what types of insurance products may be the most compelling for every customer at a given point
- Tailored underwriting. More accurate risk assessment allows insurers to offer more competitive pricing to low-risk customers. Pricing can be informed by data from IoT sensors and connected devices and continuously updated