MFX-ANALYTICS PLATFORM – PREDICTIVE ANALYTICS AND REPORTING SOLUTIONS FOR P&C INSURANCE APPLICATIONS
Harness the power of big data in the insurance industry with MFX’s analytics platform. Our insurance analytics solutions allow you to leverage the vast amounts of data pertaining to customers, claims, and policies to detect fraud, identify subrogation opportunities, improve underwriting decisions, assign appropriate service level to claims, update reserve estimates, and segment customers across product lines.
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Data management: Manage data from multiple insurance systems and third-party sources
Data to insights: Get insights into insurance business functions through intelligent reports
Predict the future: Observe patterns in insurance data and predict future outcomes and trends
MFX Analytics Platform
Features and Benefits include:
Cutting-edge predictive analytics
MFX provides numerous algorithms of varying sophistication to help build models that provide the most lift and highest accuracy for fraud detection, prediction of expected outcomes, and more.
Innovative data pre-processing tools
The analytics platform has a comprehensive list of data management and data visualization tools.
Integrated work flow
Our platform has a streamlined workflow for powerful, rule-based, predictive analytics. Business rules and industry regulations are taken into consideration alongside advanced analytics to build effective and applicable real-world models.
Real-time predictions and integration with claims management systems
The MFX Solution is optimized to perform real-time prediction to better support instant underwriting decisions or claim evaluations, as new information is made available.
Easily track KPIs for each functional area with aggregated summary reports and configurable dashboards.
Where applicable, our solution provides the reasoning as to why specific recommendations and predictions are made, for regulatory reasons and the awareness of key personnel.
Integration with data sources
The MFX solution simplifies access to data from your company’s customer database, policy database, claims database, and third-party data sources.
Integration with policy rules
The platform has the flexibility to integrate policy rules, segmentation rules, or overrides into the model-based scoring process.
Prioritizing fraud investigation
Our solution’s advanced fraud detection techniques allow for analysis of the likelihood of fraud for each claim, making it easier to prioritize the investigations as necessary.
Ad hoc analytics and text mining
Apply advanced automatic text mining methods to classify and cluster insurance claim reports, then use ad hoc drill-down methods to detect emerging trends. MFX Text Miner offers a large selection of retrieval, pre-processing, and analytic/interpretive procedures for unstructured text data and webpages.
MFX-ANALYTICS 5 STAGE APPROACH – EXPLORATION, ELABORATION, CONSTRUCTION, IMPLEMENTATION, EVOLUTION
As strategies and technologies evolve, so do business requirements. Also, users ask more complex and pointed questions as they get increasingly familiar with a system. For these reasons, we’ve developed a forward-looking analytics implementation methodology that from the outset measures performance, revisits requirements, and refreshes all project components.
The MFX analytics methodology has five stages, each with defined goals and deliverables, and guides insurance analytics projects from end to end. It transforms your goals into measurable and achievable milestones, while leaving room for future development.
MFX’s business analytics consultants help clients determine the best approach to data management, setting up the system, and fine-tuning it as conditions change. Our specialists advise on KPIs and strategies for building and supporting reports, analysis and dashboards.