ITC DIA Europe

Pentation Analytics: creating ripples in the insurance industry

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 6, 2018

As an InsurTech, Mumbai based Pentation Analytics enables insurers and intermediaries to realize maximum value for customers via a proprietary platform, Insurance Analytics Suite. This insurance-specific analytics platform, powered by Machine Learning, uses customer-level data to address the core use-cases of retention, cross-sell and profitability. An all-in-one Self-Service Analytics Platform powered by Machine Learning. Insurance Analytics Suite is deployed at leading insurers and insurance intermediaries, with renewal and cross-sell improvement rates ranging between 3% and 12% depending upon the risk segment.

Pentation Analytics enables organizations to see “why” behind the “what” for robust decision making. With a strong focus on Analytics, Business Intelligence and Data Management, they are equipping organizations to be ready for tomorrow’s challenges today. Pentation Analytics’ applications are developed by leveraging Domain experience and Data Sciences.

Increase retention. Optimize claims. Cross sell.
Insurance Analytics Suite is a one stop analytical platform for Motor, Health, P&C, and Life insurance. The process automation & predictive intelligence product enables end-to-end solutions to benefit both Insurance companies and Intermediaries.

Insurers and Insurance intermediaries spend considerable time and money to acquire their customers, and then run large processes to retain them; however, retaining a profitable customer portfolio remains a challenge. According to the 2017 JD Power Insurance Shopping Study, the top 3 drivers for customers to switch are price sensitivity, channel preferences and service levels, and communication gaps. These affect renewals and further future sales in P&C, Health and Life Insurance.

Addressing this, Insurance Analytics Suite enables insurers to improve customer retention with risk insights, risk scores for retention and cross-sell based on industry-level Machine Learning models, each at the level of every customer and each policy. These scores enable actionable insights and data-driven decision making for high-impact results. The Suite also enables strategic interventions both within and without the insurance operations, leading to improvement of the processes.
Risk insights for decision making and operations optimization for profitability, Insurance Analytics covers all-in-one, for impact at scale.
Insurance Analytics Suite has been designed to address the core problem faced by insurers and intermediaries around the globe; realizing maximizing value of their customers.

Insurance Analytics Suite offers a unique combination of underwriting and process excellence, and this is a first across the global InsurTech industry.

How it works
Insurance Analytics Suite targets Ease of Use as a priority by offering a sequential workflow via a three-layered structure: Insurance Data Model, Machine Learning and Application to cover all from data management to risk insights, planning and monitoring execution, all at one place.

With an interactive and innovative user-flow in place, the new version of Insurance Analytics Suite is especially developed with the business user as the end consumer. The aim is to shift the focus from the business analysts to the business owners, who are by default better suited to make the most out of the business analytics processes. The product is designed using a modular approach suitable for each step of policy renewal life cycle. Insurers can select and implement modules depending on their requirements and priorities.

Three-Layered Application
Layer One – Insurance Data Model
The Insurance Data Model is a highly scalable model developed to cater to data management and accessibility needs of the organization. Covering Data Input, Data Curation or Data Quality, Automated Variable Mapping, Statistical Inferences and Visualization, it renders for insurer an analytics-ready environment.

Layer Two – Machine Learning
Machine Learning-based predictive models generate propensity scores for retention and cross-sales at the level of each policy and each customer. Based on Policy Transaction Data and Customer Interaction Data, it generates Transaction Risk Scores and Interaction Risk Scores for Renewals and Cross-sales.
This layer allows the user to create predictive models specific to their needs within a few clicks. The ‘Goodness of Fit’ meter lets the user to check the validity of the model, basis which they can remodel and retune until the best fit is arrived at.

Layer Three – Application
The Applications layer leverages the previous two layers (Insurance Data Model and Machine Learning) to drive interventions. This is done through utilizing risk scores generated in the Machine Learning Layer through use-cases such as Retention, Cross-sell, Scenario Analysis, Contact Centre Optimization, Price Elasticity, Profitability among more.

Why we selected Pentation Analytics for DIA Munich
The company’s Insurance Analytics Suite offers cutting edge analytics while enabling clients to empower themselves to merge statistics, data and technology.
The one-stop analytical platform for Motor, Health, P&C, and Life insurance addresses the core insurance use-cases of increasing retention, optimizing claims and cross-selling to existing customers.

Apart from increasing retention, their product set a better retention management process. It focused on modular approach that can fit into retention process and helps in retention management via operational optimization, optimum resource allocation and alert flags.

Who is Pentation Analytics?
Established in 2015 by Mr. Anirban Roy (CEO) and Mr. Kamal Kishore DAS (COO). 

Anirban has more than 20+ years of experience across Insurance sector. He holds a degree in Consumer & Entrepreneurship from the prestigious Indian Institute of Management, Lucknow and is a graduate from Xavier’s College in Kolkata. Prior to Joining Pentation Analytics, Anirban has worked with companies like HDFC ERGO GIC Ltd, ICICI Lombard, Globsyn Technologies and Sony Entertainment Television.

Kamal has more than 18 years of experience across analytics, financial services and supply chain management. He has pursued PGDM from Indian Institute of Management, Calcutta and B Tech (Ocean Engg & Naval Arch.) from Indian Institute of Technology, Kharagpur. Prior to Joining Pentation Analytics, Kamal has worked with companies like Aureus Analytics, ICICI Lombard and Deputation with General Insurance Council.

Their drive for innovation in analytics has given them the opportunity to work with some of the best players in the BFSI space. Among their major Big Data projects is affiliation with NPCI, the umbrella organization for all retail payment systems in India. Trusted by some of the leading insurers, they are also among the Top 10 InsurTechs at Hartford InsurTech Hub, US. This is the first time Startupbootcamp has launched the InsurTech programme in the US and they had competition from over 4000+ companies.

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