The Business Challenge/Situation
Motivated by a strategic initiative to remain competitive in a fiercely competitive Insurance Industry, the client, a Large Insurance Company in the US, wanted to build an offshore Analytics team to work with their medical claims and customer demographic data to provide real time intelligence through the application of statistical techniques. The main objective was to lower existing costs incurred as well as develop a reliable and highly intellectual offshore knowledge team that could add value to the existing models and increase the probability of success.
Our Analyses resulted in:
Identifying the key drivers of liking/barriers to purchase:
- Identification of members with Diseases
- Sorting of members based on Disease maturity/condition
- Identifying and Analyzing Gaps
- Prevention through early Identification
- Cost estimation and Prediction – Probable High cost members, actual and predicted costs.
Market Equations Role
In Phase 1, Market Equations provided a unique solution, using logistic regression models on Medical data and customer demographic data to address the objective.
Client Impact:
The Analyses resulted in providing a sustainable and predictive model and help the client take preventive action by identifying individual members who have high probabilities of incurring high medical costs. Market Equations continues to engage the customer and is continuously reporting insights daily with a team of 2 full time Statistical programmers.
ME maintain a fantastic relationship with the company and representatives are always eager to provide their references whenever required.
Explore how the Market Equations Consultative Approach to decision making works wonders.
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