IT Compliance
- View the status and availability of the servers by referring to the uptime and downtime
- Improve performance by identifying the downtime reason
- Poor server availability can have a negative impact on the company
- Calculate the cost bearing due to breakdown in the systems
- Categorize the system to know where frequent breakdowns occur
- Optimize the cost by predicting breakdown behaviours
- Keep a track of the tickets logged, number of tickets solved and number of tickets unsolved
- Improve operations for a better business flow
- Reduce the ticket count by identifying the root cause
- Measure the ROI generated of the IT Department
- See the trend over a period of time
- Identify reasons for change in ROI and take business decisions to improve revenue
- Compare the Revenue generated by the IT expenditure over a period of time
Insurance
- Average Cost per Insurance Claim
- Categorize based on type of claims
- Properly assess the risk associated with each policy type and adjust pricing accordingly
- Number of claims in a period
- Irrelevant products or difficulties in claiming affects customer satisfaction
- Business management can be improved with thorough understanding of the incurred claims ratio
- Average time to settle a claim by Policy Type
- Identify the policy type that takes a longer period of time to settle and find out ways to reduce the time
- Automation of processes can lead to a better customer experience
- Sales generated per Broker over a period of time
- By identifying your top sales performers, you can ensure that the tentative leads are sent to the experts to be converted
- Can lead to workforce decisions
- Measures the amount of policy renewals and new policy sales over a period of time
- Track impact on profitability
- Identify big ticket value opportunities
Predictive analytics
- Accuracy of the prediction
- Factors to be considered For predictive analytics
- Improvements needed to be implemented for higher Accuracy
- Determining possible number of frauds
- How likely to fraud happen
- Detects new and evolving fraud attacks
- Areas which more likely have fraud incidents
- How demand varies with Time, Money
- Needs of customer
- Improvements to be implemented to Fulfil the customer demands
- How a customer has contributed
- Forecast profitability
- Determining the region of improvement for growth
- Customer Acquisition budget
- How fast orders of customer are processed
- Measures that can be taken for faster processing the orders
- Factors that delay the order cycle time
