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Insurance Companies
Behavioral Scoring
As soon as customers start behave in a certain way e.g. having often accidents, or showing any other dangerous and risky patterns of behaviour than the insurance company can analyze this data and adjust accordingly the price of the contract or any other contract conditions, etc. The insurance company can transfer these risks to other market participants to certain conditions having the advantage of being informed in the best possible way about the potential risks related to these customers. Collecting this kind of information the insurance company will improve the quality of its scoring models significantly.
Behavioural data is related not only to frequency of risky events but also social behaviour data or changes in the demographic profile of a customer is becoming an absolutely crucial component which allows insurance companies to analyse the risk and business potential of their customers much more precisely.
Behavioural data is related not only to private persons but there is also behavioural data of companies which has to be collected and used in the analysis process and in the process of scoring model development and scoring model management.