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Insurance Companies
Application Scoring
Insurance companies analyse customer application data also in combination of external data in order to estimate the Risk of their new and/or potential customers and predict the probability of certain events to happen and this way set a fair/appropriate price corresponding to the risk profile of the customer. In Application Scoring Models along with personal data of the customer also demographic and social data is analysed.
In addition to the Application Scoring Insurance companies very often also do the so called Fraud Analysis trying to estimate the probability of Fraud related to certain customers (please see below for more information).
Application Scoring Models are also quite often combined with the so called Cross Selling Scoring Models and Revenue Scoring Models (for more information please see below) in order to be able to focus on customers with high potential and maximize profits and efficiency of the Insurance Company.
Application data is consequently enriched with behavioural data in order to enhance the predictability of the scoring model. For this purpose so called Behavioural Scoring Models are used along with the Application Scoring Models.